22 October 2017
Find out more

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

03 March 2014  |  7097 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)

Finextra news in your inbox

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

Related stories

Compliance tech specialist Strevus raises $5.6m in series a funding

Compliance tech specialist Strevus raises $5.6m in series a funding

19 February 2014  |  3976 views  |  0 comments | 2 tweets | 3 linkedin
Global bank IT spending on the rise as European market recovers

Global bank IT spending on the rise as European market recovers

11 February 2014  |  7104 views  |  0 comments | 15 tweets | 11 linkedin
Regulators slate financial firms for poor counterparty risk measures

Regulators slate financial firms for poor counterparty risk measures

16 January 2014  |  5277 views  |  1 comments | 4 tweets | 9 linkedin
Swift to move into compliance space with KYC Registry

Swift to move into compliance space with KYC Registry

07 January 2014  |  11278 views  |  2 comments | 16 tweets | 27 linkedin
Esma fires starting gun on new trade reporting rules

Esma fires starting gun on new trade reporting rules

08 November 2013  |  4400 views  |  0 comments
JP Morgan ramps up compliance and controls IT spending

JP Morgan ramps up compliance and controls IT spending

18 September 2013  |  8572 views  |  0 comments | 5 tweets | 10 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Register now visit www.atos.net

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
14450 views comments | 17 tweets | 28 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
13027 views comments | 22 tweets | 28 linkedin
satelliteGates Foundation backs Ripple collaboratio...
9778 views comments | 13 tweets | 10 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
9648 views comments | 12 tweets | 23 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8785 views comments | 9 tweets | 18 linkedin

Featured job

Find your next job