More Regulation With Less Resources Means Greater Risk: Complinet

Complinet, a provider of connected compliance information and technology solutions to the global financial services industry, has published its annual cost of compliance survey for 2009, which reveals firms are anticipating significant increase in regulatory developments with accompanying costs to cope with the surge of changes.

Of the 280 global compliance professionals that responded to the survey, 66 per cent expected that, largely as a result of recent market failures, there will be a significant increase in the amount of time they will have to spend liaising and communicating with regulators and exchanges in 2009. The survey also reveals the need to increase the amount of time that compliance professionals will have to spend on monitoring compliance and regulatory developments from regulators and exchanges.

With less resource available to manage greater regulatory pressure, the results demonstrate a need for a fully integrated, complete solution to aid compliance professionals. The explosion of disconnected information on multiple sites requires a lot of manual effort to pull together and understand the significance. This takes time that firms in the current climate cannot afford.

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The survey also indicates that given on-going market conditions, global compliance professionals will be required to implement more stringent controls as cost consciously as possible. The expected increase in time and cost can be managed by using a single, connected source to help identify and implement these required controls.

Paul Johns, chief marketing officer, Complinet, said, “Firms are struggling to justify expenditure without a clear, demonstrative, return on investment (RoI). As a result, Complinet is providing a free compliance Return on Investment (RoI) calculator to help each firm better understand their resource and budget requirements, whilst measuring the added value and benefits to their business. Complinet will also be publishing RoI articles on their public and subscription sites, as well as in Informer, Complinet’s publication for subscribers.”

Chris Pilling, CEO of Complinet said, “The survey results make the needs of compliance professionals very clear. They need complete, connected global compliance solutions that encompass all the latest rules and regulations, the latest industry practices together with guidance and interpretation.”

To read Complinet’s 2009 Cost of Compliance survey in full, go to www.complinet.com/cost-of-compliance