The Compliance Report of 2021: Planning Ahead

According to Thomson Reuters, the 12th annual survey of the Regulatory Intelligence states that challenges to the cost compliance focus on the financial services companies from across the world. As per the Cost of Compliance 2021 report, the compliance shows what challenges will these companies face in the coming future. One of the most trusted reports in this regard has to be the TRRI. It has an acknowledged word of risk from different compliance officers from across the globe.

It is the year 2021. We are living in the new world order, one where things have drastically shifted for all of us. It is no longer the usual working environment that we had in the pre-pandemic world order. The ongoing pandemic has completely changed the way we are working now and these changes are more likely to stay with us for longer.

The changes have also made their way into the world of compliance with the help of new governance structures being introduced. These new structural changes have been introduced keeping in mind the flow of work management and that information remains in one place without any major disruptions being caused. Considering the current circumstances we are dealing with, it only makes sense that these changes will help spread awareness and facilitate us better deal with the new world order.

According to the Cost of Compliance 2021 report, the future will be shaped by a massive shift in the digital world. This will further help in propagating supranational regulatory changes that will help in shifting the political expectations of compliance supervisors as well.

It is upon compliance officers now to make or break their future. The truth is that none of us can escape the issues the pandemic has brought upon us. The problems have to be dealt with by making sure that they are not further escalated and the financial services do not get affected in any way whatsoever.

In other words, many regulators have called it a good crisis. This means that other financial services can call it the same if they want to. This is the best time to incorporate different strategies in the world of regulatory bodies. Only this way, will they be able to get valuable feedback and also capitalise.

To summarise, change is the only constant. It is on compliance officers and regulators to use it as an opportunity to grow and make better changes.

Access the full report here.