In a new podcast we dive into the "2021 Cost of Compliance" report to see how compliance officers can shape the future of the financial industry
How can compliance officers shape the future of the financial industry? What are the challenges that the compliance function within financial services firms may see in the next year? How can compliance officers help safeguard against emerging risks?
That was the focus of the 2021 Cost of Compliance report, the 12th version of the report, released by Thomson Reuters Regulatory Intelligence (TRRI), which has, over its lifetime has had more than 7,000 participants in more than 120 countries take part in the survey, including financial services firms, regulators, law firms, governments, and consultancies.
Now, in our latest podcast, available on the Thomson Reuters Institute Market Insights channel, Gina Jurva, attorney and manager of market insights and thought leadership content for corporate and government at the Thomson Reuters Institute, speaks with a co-author of the report, Susannah Hammond, Senior Regulatory Expert at TRRI, and Brett Wolf, Senior Financial Crimes expert for TRRI, and a contributor to the report.
You can listen to the full podcast with TRRI’s Susannah Hammond and Brett Wolf here.
In the podcast, the three discuss the findings from the new survey and the main indicators of future change — cultural, operational (including technology), and staffing concerns. They also talk about one very important aspect in the compliance world — anti-money laundering efforts. Financial firms should continue to monitor changes stemming from the Anti-Money Laundering Act of 2020 (AMLA) in the United States as well as guidance watchdog relating to both cryptocurrencies and trade-based money-laundering from the Financial Action Task Force (FATF), the global money laundering and terrorist financing.
As the podcast makes clear, the compliance function within financial services firms itself has become increasingly important in recent years as the need for firms to comply with relevant laws, regulations and internal procedures have grown. The podcast also discusses how the report highlights a need for compliance officers to look to the future; requiring more emphasis on planning and developing a vision that manages a firm’s compliance and regulatory risks by providing direction and context to the social, economic, and cultural environment of the financial services world now finds itself in.