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.
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