Complinet’s Annual Cost of Compliance Survey 2009: More regulation with less resource means greater risk
Survey shows compliance professionals anticipate increase in regulation, compliance costs and communication with regulators
London – 13 January 2009 – Complinet, the leading provider of connected compliance information and technology solutions to the global financial services industry, has published its annual cost of compliance survey for 2009 which reveals firms are anticipating significant increase in regulatory developments with accompanying costs to cope with the surge of changes.
Of the 280 global compliance professionals that responded to the survey 66 per cent expected that, largely as a result of recent market failures, there will be a significant increase in the amount of time they will have to spend liaising and communicating with regulators and exchanges in 2009. The survey also reveals the need to increase the amount of time that compliance professionals will have to spend on monitoring compliance and regulatory developments from regulators and exchanges.
With less resource available to manage greater regulatory pressure the results demonstrate a need for a fully integrated, complete solution to aid compliance professionals. The explosion of disconnected information on multiple sites requires a lot of manual effort to pull together and understand the significance. This takes time that firms in the current climate can not afford.
The survey also indicates that given on-going market conditions global compliance professionals will be required to implement more stringent controls as cost consciously as possible. The expected increase in time and cost can be managed by using a single, connected source to help identify and implement these required controls.
Paul Johns, Chief Marketing Officer, said, “Firms are struggling to justify expenditure without a clear, demonstrative, return on investment (ROI). As a result, Complinet is providing a free compliance Return on Investment (ROI) calculator to help each firm better understand their resource and budget requirements, whilst measuring the added value and benefits to their business. Complinet will also be publishing ROI articles on their public and subscription sites, as well as in Informer, Complinet’s exclusive publication for subscribers.”
Chris Pilling, CEO of Complinet said: “The survey results make the needs of compliance professionals very clear. They need complete, connected global compliance solutions that encompass all the latest rules and regulation, the latest industry practice together with guidance and interpretation. Complinet is prepared to support the global compliance industry in 2009. Watch this space as we will be launching a very exciting initiative shortly, and we anticipate a huge uptake on our offering.”
To read Complinet’s 2009 Cost of Compliance survey in full, please visit
www.complinet.com/cost-of-compliance.
About Complinet
Complinet is the leading online provider of connected risk and compliance solutions to the global financial services community.
Complinet's cost-effective range of services includes a 'complete' service that delivers insight and interpretation of regulatory risks and developments. Our portfolio also helps firms to screen their clients, manage their policies and train their staff.
Complinet was founded in 1997 and employs more than 200 people in its offices in New York, London, Sydney, Melbourne, Singapore and Dubai. Every day, industry professionals in more than 1,800 firms across 81 countries rely on Complinet as their information partner for ongoing analysis and solutions that help them keep pace with changing regulations.
