27 November 2014

Banks and capital markets firms to boost compliance spending by 10% - Accenture

03 March 2014  |  4705 views  |  0 Risk

Nearly two thirds of European and North American banking and capital markets firms expect to significantly increase their spending on compliance risk management over the next couple of years, according to research from Accenture.

Of 100 firms surveyed, 65% intend to up their investment in compliance by at least 10% over the next two years as they seek to maintain the stature the field has attained in the years since the global financial crisis.

To keep pace with the host of changes that are on the horizon, more than half of respondents are investing in analytics and risk modelling. Furthermore, the vast majority are assessing, planning or already investing in governance and oversight, data quality, management and architecture, and their compliance organisation structure.

Although compliance risk management has shot up the agenda in recent times, 60% of respondents say they still need a stronger culture. Nearly two-thirds think compliance needs to foster greater cooperation with their organisation's governance, and 65% say they need to improve regulatory relationships.

However, it is clear that firms have already moved to raise the visibility and connectivity of the compliance function, with 71% of those quizzed confirming that their company's compliance management currently reports to the CEO or board of directors.

Meanwhile, financial services firms are on the lookout for compliance talent, with a third of respondents seeking to hire and 46% planning to expand their teams.

Steve Culp, senior MD, Accenture Finance and Risk Services, says: "Executives will have to be more conscious of demonstrating success in order to secure further investment in talent, tools and technology to boost performance and realize their vision for compliance risk management."

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

19 February, 2014
11 February, 2014
16 January, 2014
07 January, 2014
08 November, 2013
18 September, 2013

Related company news

 

Who is commenting?

Featured job

25,000.00-30,000.00
London

Find your next job