Compliance officers around the world are 'under no illusions' that this year will bring even more regulatory information from both regulators and exchanges, according to a survey by Thomson Reuters.
Almost half of the respondents said they thought the level of regulatory information would be significantly higher and 84% said the flow of regulatory information would increase in 2012.
“This result again leads to the conclusion that many compliance officers are reaching breaking point,” the Cost of Compliance Survey 2012 warned.
Thomson Reuters said these expectations had steadily risen over the past few years and were supported by nearly a 16% increase in the number of regulatory alerts tracked by Thomson Reuters GRC.
On average, Thomson Reuters said, half of the typical compliance officer’s working week was taken up with the bare non-optional basics.
“The majority of the respondents had fewer than five people in their team to manage the ever-growing compliance obligations for their organisation,” the report said. “When other crucial value-added roles and activities are also factored into the working week – activities such as dealing with queries from the business, undertaking investigations or past business reviews, and managing regulatory visits and relationships, it is clear why compliance teams are so stretched.”
©2012 funds europe