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Financial sector compliance costs seen rising 

May 26, 2015

Babu Das Augustine, Gulf News

Ever-growing regulatory requirements, resource challenges and the threat of personal liability are expected to increase the overall cost of compliance throughout 2015, according to the annual Cost of Compliance Survey published by Thomson Reuters.

In the Middle East, 80 per cent of respondents expect the cost of compliance to increase, up from 57 per cent in 2014. The regional variations show divergence, with the Middle East peaking as the region that expects senior compliance staff to cost significantly more in 2015.

According to the survey, global systemically important financial institutions (G-SIFIs), given their larger operations and resources, are better equipped to manage these 2015 findings as opposed to smaller non-G-SIFIs.

The findings also highlights the diverse pressures which compliance functions continue to face, with broadening compliance remits, no let-up in the volume of regulatory change and a growing pressure on compliance budgets.

Read more: Gulf News

 
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