The Cost of Compliance 2021: Shaping the Future 

Thomson Reuters Regulatory Intelligence has carried out its 12th annual survey on the cost of compliance, focusing on the challenges the compliance functions at financial services firms around the world expect to face.

The report has become the trusted and acknowledged voice of risk and compliance practitioners around the world. TRRI’s unparalleled interaction with the global financial services industry — coupled with the frank and wide-ranging issues and concerns shared by practitioners — continues to inform a unique insight into the practical reality and challenges faced.

The Cost of Compliance 2021 report highlights a need to support wider cultural, operational (including technology) and people requirements, but all will require future investment and resources. Compliance officers seem to be taking a pragmatic view.

The report covers the following key topics: 

• Challenges in the coming year for board and compliance functions
• Culture and conduct risk concerns
• Ideal future of the compliance function
• Regulatory change
• Budgets
• Outsourcing and technology
• Personal liability