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RAPPORT

Compliance at a Crossroads: One Step Forward, Two steps back?

Compliance Function Pressured by Growing Business Demands, Regulatory Complexity and Lagging IT Architecture

Demand on the compliance function has grown, but the function’s growth in stature is slowing.

The ability of financial institutions’ compliance function to manage risk is being challenged by rising expectations for the function to play a stronger role in front-office processes, the increased volume and complexity of regulations, and a lagging data and technology architecture, according to a new compliance risk report from Accenture (NYSE: ACN).
 
The latest of Accenture’s annual reports on compliance risk, “Compliance at a Crossroads: One Step Forward, Two Steps Back?” is based on a survey of more than 150 compliance officers at banking, insurance and capital markets firms across the Americas, Europe and Asia-Pacific.
 
The report found that the increased volume and complexity of regulations have destabilized the compliance function at many financial institutions, which are already facing increased expectations to take a more active role in front-office processes.  According to the survey, half (49 percent) of compliance officers said that gaining a better understanding of how customer expectations are changing will be the compliance function’s most-needed capability in the next year.
  

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