Thomson Reuters Regulatory Intelligence released the 14th annual Cost of Compliance report, which explores the regulatory burden posing operational challenges that compliance officers expect to face in 2023.
Responses to the 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.
Top three insights unveiled in the report
- Workloads continue to grow, with nearly three in four (73%) of respondents expecting an increase in regulatory activity.
- Resourcing remains a challenge, with nearly thee in five (62%) of organisations expecting compliance teams to remain the same in the next 12 months.
- Strong compliance culture exists despite the challenges, with more than three in five (85%) respondents considering their compliance culture is effective.
The findings are intended to help organisations with planning and resourcing, while allowing them to benchmark their own approaches against those of the wider industry.
Want to know what was reported as the single biggest compliance risk facing organisations? Read the answer to this and other insights in the latest report.
Get your complimentary copy of the 2023 Cost of Compliance report by completing your details on this page.
For more related insights, read the 10 Things Compliance Officers Need to Know in 2023, or Fintech, Regtech, and the role of compliance in 2023