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Cost of Compliance Report 2020 and Covid-19 Update

By Susannah Hammond & Mike Cowan

Cost of Compliance Report 2020 and Covid-19 Update

For 11 years our Thomson Reuters Regulatory Intelligence Cost of Compliance Report has given an unparalleled insight into the challenges facing risk and compliance officers in financial services firms around the world.

The report findings seek to help firms with planning and resourcing, while allowing them to benchmark their own approach. This year’s edition closed before the widespread impact of the COVID-19 pandemic had become apparent; thus, the report analyzes both the survey responses and, in an additional dedicated section, looks in more detail what better risk and compliance practice will look like in the face of continuing uncertainty.

An additional survey and report were undertaken to understand how financial services firms are responding to COVID-19. The results of this interim report are considered alongside those of the 11th cost of compliance report itself.

  Together both reports provide a perspective on the following key topics:

  • Challenges in the coming year for boards and compliance functions 
  • Culture and conduct risk concerns 
  • Budgets 
  • Personal liability 
  • Technology and outsourcing
  • Concerns Arising as a Result of Covid-19
2020 marks 25 years since the collapse of Barings Bank and it would seem that everything and nothing has changed in financial services.

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