Source: National Cyber Security – Produced By Gregory Evans
The financial services industry is facing disruptive forces in many forms, from changing customer behavior and the rise of digital technologies to a shifting regulatory landscape. New risks are emerging as well, many fueled by increasing challenges of fighting cyber-crime and others from managing more complex operations in today’s world. Compliance, once a relatively quiet back-office function, has an opportunity to play a more central role in helping banks, insurers and capital markets firms effectively deal with these disruptive forces. Accenture’s 2015 Compliance Risk Study – based on a survey of leading compliance officers at 150 banking, insurance, and capital markets firms in the Americas, Europe, and Asia-Pacific –indicates that investment in the compliance function will continue to increase by at least 10 percent over the next two years, according to 76 percent of compliance officers. However, the survey results demonstrate that the projected investments may not be well aligned with these firms’ long-term strategies and goals. While the financial services industry is experiencing disruptive change, compliance officers in this year’s study remain more focused on the priorities of yesterday. For example, 70 percent of respondents said that managing the firm’s reputation among shareholders, the public and the media is […]
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