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EXECUTIVE SUMMARY
Compliance spending is slated to increase,
despite reductions in headcount
In line with findings over th...
3
KEY
INSIGHTS
89%
Of respondents
expect to increase
investment in
Compliance over the
next 3 years
45%
Claim this to be
t...
KEY
INSIGHTS
4
Continual, targeted innovation is key to freeing
compliance talent to stay on pace with evolving
advisory i...
KEY
INSIGHTS
The increased pace of innovation and evolving
regulatory landscape dictate changes to a firm’s
mindset, talen...
THE COMPLIANCE FUNCTION OF THE FUTURE
Using A BUILD, BUY & SUBSCRIBE strategy, financial services firms can
cost-effective...
THE COMPLIANCE FUNCTION OF THE FUTURE
Using A BUILD, BUY & SUBSCRIBE strategy, financial services firms can
cost-effective...
METHODOLOGY
A global quantitative online
survey which explores the future
of Compliance programs within financial
services...
In a volatile risk ecosystem, the idea of phasing development across a multi-year roadmap is challenged by the
need for co...
COMPLY & DEMAND
2018 COMPLIANCE RISK STUDY
Copyright © 2018 Accenture. All rights reserved. 10
ABOUT ACCENTURE
Accenture i...
2018 Compliance Risk Study Summary Presentation: Financial Services
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2018 Compliance Risk Study Summary Presentation: Financial Services

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2018 Compliance Risk Study for Financial Services explores the modular transformation that allows compliance leaders to move at the pace of digital age. To learn more about the study, visit https://accntu.re/2FA2E8l

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2018 Compliance Risk Study Summary Presentation: Financial Services

  1. 1. EXECUTIVE SUMMARY Compliance spending is slated to increase, despite reductions in headcount In line with findings over the last four years, 89% of respondents indicate that investment in Compliance will increase over the next two years. To realize returns on technology investments, Compliance should re-train its people Three-quarters of respondents see a gap between skills currently available and those required. Data quality - a significant barrier to progress and realization of technological capabilities One in three respondents (31%) say that data quality issues are key barriers hindering their organization from delivering on its key mandates over the next three years. Compliance is too focused on the key risks facing the industry today (e.g. cyber risk) and not focusing on the risks that are now coming to the fore (e.g. virtual currencies) A skills gap and data challenge may be hindering a proactive approach to managing important risks such as the proliferation of virtual currencies, new concerns about corporate conduct and a responsible approach to the use of artificial intelligence. Compliance can no longer rely on adding headcount to increase its effectiveness Only 22% of study respondents say they now have more than 500 people in their compliance function, representing a 9% drop since last year.
  2. 2. 3 KEY INSIGHTS 89% Of respondents expect to increase investment in Compliance over the next 3 years 45% Claim this to be the case for talent transformation 57% Say Compliance technology transformation is their top strategic initiative over next 12 months Regtech – key to exposing and addressing the web of risks organizations face Compliance spend expected to increase with technology outpacing talent as a strategic response to change…
  3. 3. KEY INSIGHTS 4 Continual, targeted innovation is key to freeing compliance talent to stay on pace with evolving advisory issues 36% Of respondents say innovative technologies is one of their top investment priorities today 37% Believe this to be their top priority over the next 12 months, while 33% believe this to be over next 3 years … and investing in innovative technologies is one of highest priorities today and tomorrow
  4. 4. KEY INSIGHTS The increased pace of innovation and evolving regulatory landscape dictate changes to a firm’s mindset, talent, technology and operating model strategy and deployment 76% Of respondents see a gap in their Compliance function’s skills to fully execute their role as they see it 18% Only claim recruitment and development of skills is one of their highest investment priority today 29% See Compliance talent issues as a major barrier to delivering the function’s key mandates Without the right skills, compliance’s ability to realize the potential and returns of their technology investments is compromised
  5. 5. THE COMPLIANCE FUNCTION OF THE FUTURE Using A BUILD, BUY & SUBSCRIBE strategy, financial services firms can cost-effectively acquire & implement the “right” compliance capabilities to address their specific needs / situation while future-proofing the FUNCTION To buy new tools and technologies (42% to build, 35% to subscribe to) 50% Of study respondents to build in house their new control processes (34% to buy, 29% to subscribe to) 51% To build talent (recruitment / reskilling) in house (35% to buy, 31% to subscribe to) 40% BUILD BUY
  6. 6. THE COMPLIANCE FUNCTION OF THE FUTURE Using A BUILD, BUY & SUBSCRIBE strategy, financial services firms can cost-effectively acquire & implement the “right” compliance capabilities to address their specific needs / situation while future-proofing the FUNCTION SUBSCRIBE Use a managed service for financial crime, while… 45% Leverage the model for surveillance and 40% for regulatory change management 43% Our experience indicates that leading compliance functions are using a mixture of these THREE INVESTMENT APPROACHES
  7. 7. METHODOLOGY A global quantitative online survey which explores the future of Compliance programs within financial services in Asia Pacific, Europe, North America and South America. The survey was conducted from December 2017 through January 2018 and covered the Banking, Capital Markets and Insurance industries. 150 respondents were surveyed from 13 different countries. Respondents included C-suite, Directors, VPs, SVPs of Compliance, as well as other Compliance Executives. INDUSTRIES N=150 83 Banking 34 Insurance 64 Capital Markets REGIONS N=150 60 Europe 35 NA 15 South America 40 Asia Pacific
  8. 8. In a volatile risk ecosystem, the idea of phasing development across a multi-year roadmap is challenged by the need for continuous improvement in Compliance’s ability to withstand industry shocks that continually test whether the function has the right foundational capabilities. To find out more: DOWNLOAD OUR 2018 COMPLIANCE RISK STUDY NOW www.accenture.com/ComplianceRiskStudy2018 Or contact: Samantha Regan – Managing Director samantha.regan@accenture.com Ben Shorten – Senior Manager benjamin.j.shorten@accenture.com Nesrine Besbes – Senior Manager nesrine.besbes@accenture.com Rafael Gomes – Senior Manager rafael.a.gomes@accenture.com CLICK HERE CLICK HERE CLICK HERE CLICK HERE F&R Blogs LESS ROADMAP, MORE RESILIENCE
  9. 9. COMPLY & DEMAND 2018 COMPLIANCE RISK STUDY Copyright © 2018 Accenture. All rights reserved. 10 ABOUT ACCENTURE Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions—underpinned by the world’s largest delivery network —Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With more than 442,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com DISCLAIMER This presentation is intended for general informational purposes only and does not take into account the reader’s specific circumstances, and may not reflect the most current developments. Accenture disclaims, to the fullest extent permitted by applicable law, any and all liability for the accuracy and completeness of the information in this presentation and for any acts or omissions made based on such information. Accenture does not provide legal, regulatory, audit, or tax advice. Readers are responsible for obtaining such advice from their own legal counsel or other licensed professionals. Accenture, its logo, and High Performance Delivered are trademarks of Accenture.

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