Compliance officers are operating with limited sets of resources while simultaneously managing a diverse and expanding range of subject areas where the volume of regulatory change is expected to increase. The 14th annual Cost of Compliance, published by Thomson Reuters Regulatory Intelligence, found costs are expected to increase with difficulties recruiting appropriately skilled staff also reported.
In this episode of Compliance Clarified, managing editor, Alex Robson, is joined by Mike Cowan, senior regulatory intelligence expert, on the findings of the report. The research was carried out before the latest developments in generative AI, which they also discuss.
In 2022, the number of regulatory events monitored by TRRI was 61,228, the third-highest annual total since 2008. This figure covered 1,374 regulators in 190 countries, equivalent to an average 234 daily alerts. And in the coming year 73% of respondents said they expected an increase in regulatory activity.
This increase in regulatory activity was also seen as a compliance challenge for both corporate boards and compliance officers were keeping up with the volume and implementation of regulatory change and managing growing regulatory expectations featured prominently in many respondents' responses.
The "Compliance Clarified" podcast series covers the wide range of topics which affect compliance at financial services firms and aims to help compliance officers make sense of the often-challenging regulatory environment. It considers the big challenges of the day and offers practical ideas for emerging good practice.
Programme notes:
Visit the Thomson Reuters Institute to download a free copy of the report: www.thomsonreuters.com/en/institute.html
Subscribers to Regulatory Intelligence can find a copy on the home page.
Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.
Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer. Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.
