Thomson Reuters Regulatory Intelligence recently published the 2023 edition of its annual "Costs of Compliance" report, displaying the results of its survey of more than 350 compliance officers in financial services firms globally. Respondents reported facing ever-increasing demands and stagnating budgets.
Compliance departments are being asked to contend with a more diverse problem set as regulatory change accelerates. At the same time, it is becoming costlier and more challenging to recruit qualified staff. "Indeed, responses to this survey portrayed a sector dealing with greater responsibility alongside practical operational challenges that threaten to undermine efforts to provide the required level of compliance support," the report reads.
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