The most popular and comprehensive Open Source ECM platform
Let us know more
Regulatory Compliance: Staff Stretched with Too Much to Do in Too Little Time
Increased responsibilities and increasing complexity in compliance-related regulations is stretching the efforts of compliance professionals. There’s too much to do and too little time. A recent report from Thomson Reuters Governance, Risk & Compliance finds that compliance professionals must make time for the following activities, but many feel that the time that compliance professionals can actually devote to them is insufficient:
- Keeping up with regulatory codes [currently takes 8 hours+ per week]
- Working with the company internal audit team [half spend less than 1 hour per week]
- Working with legal and risk teams [a third spend less than 1 hour per week]
- Reporting to the company board [a quarter spend less than 1 hour per week]
Scott McCleskey, global head of financial services regulation at Thomson Reuters GRC, said: “Compliance officers at regulated firms are finding themselves under increasing pressure from all sides… Compliance teams are reporting that they are increasingly strained in their ability to fulfill their myriad responsibilities, which are critical not only to their own businesses, but also in maintaining the proper coordinated functioning of markets around the globe.”
The report found that:
- 84 percent of compliance professionals expect each year to bring more regulatory information to deal with than the last
- 20 percent of each day is spent by a third of compliance professionals just trying to keep pace with the flow of new regulatory information
- 70 percent of companies estimate that they’ll need to pay more salary this year to retain senior compliance professionals on their staff
- Only 11 percent of companies say that they’re able to fund increases in their compliance budgets for 2012
