Wednesday, March 12, 2014Tweet
[IWS] Accelus: COST OF COMPLIANCE 2014 [12 March 2014]
IWS Documented News Service
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
COST OF COMPLIANCE 2014 [12 March 2014]
by Stacey English and Susannah Hammond
[full-text, 20 pages]
The annual Cost of Compliance Survey Report by Thomson Reuters Accelus provides insight into the experiences and expectations of compliance professionals. This global report is driven by a great level of industry participation and is intended to help regulated organizations with future planning, resourcing and focus. Participants remain anonymous but their views are crucial in helping peers benchmark their own practices and experiences, and assess whether their resources focus and expectations are in line with the wider industry.
Over 600 practitioners across 71 countries participated in this survey. Read the survey
to learn about:
• More than half of compliance professionals expect their personal liability to increase
in 2014 with 36 percent expecting a significant increase.
• Two thirds of respondents expect the cost of senior compliance to increase in 2014
with over a fifth (21 percent) expecting costs to rise significantly.
• In parallel, nearly two thirds thought that the total compliance team budget would increase
in 2014 and a fifth (20 percent) thought the budget would be significantly more in 2014.
• Over a third of firms globally spend at least a whole working day every week tracking
and analyzing regulatory change.
• Globally, compliance functions again reported spending very little time liaising with
the internal audit function. A persistently repeated finding which is a growing cause of concern.
Table of Contents
4 EXECUTIVE SUMMARY
5 Compliance Function: Budget, Resources and Liability
8 Regulatory Change
12 Alignment with Other Risk and Control Functions
14 Liaison with Regulators
15 Managing Regulatory Risk
15 Typical Week of a Compliance Officer
18 Closing Thoughts
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
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