Compliance and risk managers believe that increasing regulation is stifling global growth.
A survey found that 71%, almost three quarters, of the world’s senior compliance and risk managers in the most heavily regulated industries said that the sheer volume of regulation companies have to navigate on a daily basis is keeping back the global economy.
Of the respondents, 66% believed that keeping up with regulation is impeding many industries' route to market - by holding up new products or slowing mergers and acquisitions.
The majority of respondents, 88%, also said the organisations which regulate their industry need to find better ways to make sure the rules they want to enforce are effective.
The survey was the first annual Global Accelus Survey by Thomson Reuters.
David Craig, president of Thomson Reuters GRC, said: "Whilst many recognise the need for new rules, our clients have growing concern over how they should deal with the avalanche of rules and regulation they face on a daily basis.
“Last year in the financial sector alone, we evaluated more than 12,500 regulatory updates globally – that’s 50 per day and this number will be even greater in 2011."
Thomson Reuters commissioned the survey to coincide with the launch of Thomson Reuters Accelus – a suite of web-based products to help compliance, risk, audit and legal professionals to deal with ever changing rules and regulations.
The challenge of having to deal with increasing regulation is not something only financial services firms have to tackle, all heavily regulated industries, such as healthcare, energy and shipping face similar difficulties.
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