Compliance professionals around the world expect to have to spend more time and resources to work with regulators and exchanges in the coming year, according to the second annual Cost of Compliance Survey for 2011, released Monday by Thomson Reuters.
Of the 337 global compliance professionals who responded to the survey between November 2010 and January 2011, 71% said they foresaw that an increased effort would be required to work with regulators and exchanges to ensure they were adequately prepared to meet regulatory requirements. The previous survey, completed at the end of 2008, found that 66% expected an increase in 2009.
The new survey also highlighted the need for financial services firms to make sure their compliance functions operate in tandem with internal audit, risk and legal functions to ensure there is a consistent and integrated approach to risk identification, management and mitigation.
