Regulatory change remains to be the single biggest challenge for compliance officers in the years ahead, with other identified challenges flexing year-on-year. Compliance budgets are expected to continue increasing by 63% in 2019, along with expectation that the cost of senior compliance staff to rise in 2019. But why?
For 2019, the increasing regulatory burden, from financial crime to sanctions compliance have been raised as ever stringent challenges. Although these challenges are fierce by their own, when combined with enhanced monitoring, reporting requirements and continuing regulatory changes, it leaves a hostile environment for business to operate in.
The sheer range of issues aforementioned are additional for compliance officers core tasks of tracking and analysing regulatory change, board & regulatory reporting. This requires compliance officers to be multi-taskers by necessity, justifying their expected increase in cost.
However, this is nothing but the beginning to a new era. The expected compliance changes for the next 10 years are myriad. If companies are to remain competitive, they are required to innovate at the same pace as innovative technologies, and most importantly, remain compliant to the ever-increasing stringent environment they are being surrounded in.
A deeper understanding into the impact of RegTech globally as well as the concerns and challenges can be seen in the Thomson Reuters: 2019 Compliance Spending report
Click here to view the full report