Two-thirds of compliance officers list IT as most important in 2017

Chris Hamblin

18 March 2016

More specifically, the report finds that ever-more sophisticated software will allow financial institutions to manage threats such as cyber risks, financial crime policy and 'business risks,' which respondents cited as the top risks that compliance organisations will face in the next three years. It also says that a massive increase in the volume and complexity of regulations has destabilised the compliance function at many financial institutions. Front-office processes are also a main source of concern.

Key statistics from the study of more than 150 global compliance officers include the following.

67% say that improving systems and adopting new technology tools is the most important change in the next year.
80% find that "industry shared services" will become crucial as industry data protection improves.
73% think that the automation (including robotics) of processes will make them more efficient.