Thomson Reuters’ Cost of Compliance 2022 global survey of financial institutions finds compliance departments grappling with a shortage of skilled professionals amid an increasingly sophisticated regulatory environment.
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Source: Regulatory Intelligence—Cost of Compliance 2022: Competing priorities, Thomson Reuters
For some, outsourcing is the answer:
30%
of respondents outsource some or all of their compliance functionality
The top 5 compliance challenges of 2022
- Volume and implementation of regulatory change
- Lack of budget and resources
- Availability of skilled people
- Need for effective compliance monitoring
- Cyber resilience
Personnel costs are rising
Reasons why cost of senior compliance staff is expected to increase over the next 12 months:
47% — Demand for skilled staff and knowledge
30% — Additional senior staff required to cope with volumes of regulatory requirements
10% — Need to employ third-party specialist resources
7% — Increased personal liability
6% — Other
The ideal compliance officer has…
• Subject matter expertise
• Attention to detail
• Communication skills
• Digital/technology understanding
• Interpersonal/stakeholder management skills