Our second annual Finserv Compliance Benchmark Report reveals how compliance teams continue to contend with the challenges posed by digital communications, amid a far more active regulatory landscape.
Key findings include:
- Across both reputational and regulatory dimensions, texting was a key source of concern for compliance professionals.
- Despite the increase in regulatory activity this year, compliance teams remained largely static in size. The pressure for compliance teams to do more with fewer resources can no longer be tolerated. Compared with 2021, we see a marked increase in demand to increase compliance staffing over the next 12 months.
- To alleviate strain and drive efficiency, firms relied on delegation and pre-approvals to get work done.
- Among the top weaknesses highlighted by compliance teams? The ability to leverage technology, manage projects, track regulatory changes, and formulate procedure and policy.
Download the report to benchmark your firm against other leading financial services institutions–and better inform your 2023 planning!