The annual "10 Things Compliance Officers Need to Do" sets out a number of issues, concerns, and challenges that all compliance officers continue to face
This year — 2020 — should be the year of perfect vision. If only it were that simple for financial services risk and compliance officers to accurately foresee the challenges the coming year will bring.
The challenges, priorities, and focus needed for compliance officers to do their jobs continue to evolve. That evolution has been borne out by the results of the annual Thomson Reuters Regulatory Intelligence Cost of Compliance survey report, which over its lifetime has had 6,000 participants and 50,000 downloads by firms, regulators, law firms, governments, and consultancies. The most recent report — its 10th annual — showed that the top four challenges that compliance firms were expected to face in 2019 were:
- Volume and pace of regulatory change;
- Increasing regulatory burden;
- Financial crime, anti-money laundering & sanctions; and
- Culture and conduct risk.
Respondents were also asked to look into their crystal balls and predict the biggest change for compliance over the next 10 years.
Comparisons between the greatest compliance challenges expected in the year ahead and the greatest change predicted for compliance over the next decade show many similarities. Despite the immediate challenges being faced, compliance officers may well wish to consider how they can best prepare themselves and their firms for a possible future where they are likely to be even more essential to the success of their firms.
Now, Thomson Reuters Regulatory Intelligence (TRRI) presents its annual 10 Things Compliance Officers Need to Do, which sets out a number of issues, concerns, and challenges that all compliance officers — no matter the size, jurisdiction, or sector of their firm — will need to consider.
This year’s 10 Things covers topics as diverse as continuing regulatory change, the impact of the proliferation of accountability regimes, outsourcing, personal account dealing, technology risk, transaction reporting, data protection, the changing nature of lobbying, as well as the identification, management, and mitigation of conflicts of interest. Also covered is a reminder of the fundamentals of compliance and the core competencies that are required.
Throughout the report, the onus is on what, in practice, compliance officers can do to meet the myriad challenges arising in financial services firms around the world in the coming year.
For Further Information…
You can learn more about the challenges risk and compliance officers face by:
- downloading the 10 Priorities for Compliance Officers in 2020 Infographic;
- viewing a new video of Susannah Hammond discussing key issues in the latest “10 Things” with Axel Threlfall, Editor-at-Large for Reuters.