Annual Compliance Health Check Report

88% of firms say costs have risen in the last five years

Download the report to get the latest insight into the state of financial services compliance

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Download compliance health check report

Surveying 170 senior compliance decision-makers

SteelEye Annual Compliance Health Check Report - The state of financial services compliance
 

The State of Financial Services Compliance

This inaugural Compliance Health Check Report demonstrates the breadth and complexity of challenges facing today’s compliance professionals.

Regulatory change, a changing operational environment, and growing data volumes are forcing firms to rethink their compliance processes and procedures. Consequently, projections for the year ahead show almost half of firms anticipate an increase in RegTech investment, and a further 41% expect to invest the same as they did last year.

Whilst challenges and priorities might vary across firms of different sizes, operating in different markets or in different verticals, across the board, all signs point to the increasingly important role of compliance in financial services today.

As an industry under pressure to prove it has learned from its past mistakes, technology is pivotal in handling the growing burdens that face the modern compliance professional.

Key highlights:

  • Regulatory change is the biggest challenge for 1 in 5 compliance teams

  • 34% of people rate managing regulatory change as their top priority for the next 12 months

  • 88% of firms say costs have risen in the last five years

  • 44% expect to spend more on RegTech in the next 12 months

  • Over half of the respondents have invested in or implemented AI or ML for compliance

  • Three-in-ten compliance teams are responsible for over half of their firm’s total expenditure

Are financial firms well equipped to handle more stringent regulatory rules over the next 5 years?

Download the report to get the full insights. 

SteelEye Annual Compliance Health Check Report - The state of financial services compliance

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Have questions about the report?

For additional information or questions about the report, please contact SteelEye.

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