Thomson Reuters Regulatory Intelligence's recent "Cost of Compliance 2022: Competing priorities" report, and its accompanying survey of over 500 practitioners, illuminates a growing demand for compliance officers. At the same time, compliance personnel find themselves confronted by tight budgets and increasing risk of potential legal liability in the wake of poor compliance outcomes.
"As well as the budgetary pressures placed on compliance officers, regulators have tightened requirements to hold compliance officers to account should things go wrong in their firm," the report says. Accordingly, 45% of respondents expected the personal liability faced by compliance officers to grow in the next year.
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