What Will it Take to Stay Compliant in 2011?

Thomson Reuters Governance, Risk and Compliance just completed its 2nd annual ‘Cost of Compliance’ survey for 2011. The verdict: 71% of the firms surveyed predict it will cost them a great deal in money, resources and time (but really time is money!) in order to be compliant with regulators this upcoming year.

This survey not only highlighted what it will take to be compliant but also how companies will have to adapt their business processes to be compliant. Firms can no longer think in terms of the individual department, i.e. the Risk Department or the Technology Department, but rather how all of the departments must work together in order for the whole company to be successful. Compliance functions must line up with audit functions, risk functions and legal functions if a firm is going to not only flourish but also be in agreement with regulations in 2011. The new Dodd-Frank bill, along with other financial regulations, has created a need for departments to communicate and depend on each other, something they did not need to do in the past.

This survey could be great news for financial technology companies though. These companies are seeing a greater demand for products that aid in automation and for new platforms that allow easier communication processes to help connect companies. 2011 holds many new possibilities and it’s time to see who will step up and take hold of the opportunities that lay in front of them.

Who do you think will prosper in 2011? And what do you think will be the biggest change within companies, both buy and sell-side?

About Maureen Lowe

President and Founder of Financial Technologies Forum, LLC. Editor-In-Chief of FTF News. Entrepreneur, Jersey Girl that recently returned to Jersey, Loves to Bake, Married to a Kiwi, First Time Mom
This entry was posted in Compliance, Financial Technology, Regulation, Wall Street and tagged , , , . Bookmark the permalink.

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