I had the opportunity last night to participate in a two-hour dinner discussion on the Euro Zone crisis, which Thomson Reuters sponsored along with The Atlantic. There were about twenty participants each with specific expertise and a great deal of experience in Europe (it seemed that about half of us all lived in Brussels at the same time). In addition to my Thomson Reuters colleagues Nick Collier (Global Head of Government Affairs) and Luke Baker (Brussels Bureau Chief for Reuters News), participants included diplomats from France, the European Commission and the Finnish ambassador, representatives from the IMF and the World Bank, and commentators from the press, academia and consulting firms. (more…)
Compliance professionals around the world report they are often struggling to keep up with the growing demands of global regulation, according to our newest Thomson Reuters Governance, Risk & Compliance survey.
We see that a combination of rapidly growing regulations and increasing responsibilities for compliance professionals, coupled with limited resources and constrained budgets, are raising concerns that compliance teams have reached saturation point in their ability to successfully manage compliance.
Our survey covered more than 500 compliance professionals at financial services companies around the world, including banks, insurers and fund managers. Among the key findings from the report:
- 84 percent of compliance professionals expect to handle more regulatory information in 2012
- More than a third of respondents spend an entire working day each week staying up-to-date with regulatory changes
- Only 11 percent of companies expect a significant increase in their budget for compliance this year
Compliance officers at regulated firms are finding themselves under increasing pressure from all sides. Companies need to be diligent, organized and pro-active in their approach to today’s fast-changing regulatory environment. However, our survey indicates that rather than gaining the upper hand in managing compliance functions, many companies are increasingly struggling to keep up.
A full copy of the report can be downloaded here.