Waves of regulations are keeping financial services institutions on their toes. Costs for compliance are high, and financial institutions should frequently restructure to keep in compliance and future-proof the enterprise. Most institutions struggle to balance compliance and operating concerns with their need to craft a strong reputation as a desirable employer and good corporate citizen.
Several themes underlie the need for change in regulatory and compliance programs according to senior financial services compliance executives surveyed by Accenture:
Continuing waves of regulation are driving significant compliance cost increases.
50% of respondents ranked responses to changing regulation (e.g. global structural reform) as one of their top 3 change drivers within the next 12 months.*
Financial services institutions should future-proof their operating models to remain compliant as demand for fundamental change continues.
78% of respondents expect compliance to have greater influence over their firms’ strategy, business model and culture.*
Financial services institutions should continually manage and enhance their reputation as corporate citizens and desirable employers.
75% of respondents agree compliance will take more responsibility in driving a firm wide program and cultural change within the next three years.*
Financial pressures mean financial institutions should work to keep compliance costs within reason.
90% of respondents expect compliance spending to increase, but the level of increase is beginning to taper off.*
Accenture’s regulatory remediation and compliance transformation capabilities can help financial services firms across the four dimensions of regulation, restructuring, reputation and cost reduction. We help financial institutions with:
Helping firms meet regulations, both around the corner and across the globe acquisition integration
Helping businesses adapt to changing stakeholder expectations
Helping to drive lasting outcomes for financial institutions by integrating our unique, offshore delivery capability
We offer several solutions for supporting regulatory remediation and compliance transformation. These include:
The compliance function has grown in stature, with a majority of compliance leaders reporting to either the Board or the CEO. But the function cannot rest on its laurels, given dramatic increases in compliance's scale of responsibility and growing complexity in the risk ecosystem.
Innovation can help the compliance function survive and thrive. See how compliance leaders are daring to be different—innovating to drive their function into the future.
See why financial firms may need to focus their approach and better define compliance.