Looking into the crystal ball - The Regulatory Landscape and the Compliance Function

Summary – Expectations from compliance will continue to increase, while resources will hold steady at best

• 77% of the organizations are anticipating, that in 2023, they would have more regulatory obligations to manage and report on. Therefore, the macro-economic downturn, WILL BRING NO RELIEF FROM THE REGULATORS IN CONTEXT OF THE PACE OF REGULATORY CHANGE.
   

‍

• In comparison to 77% of the organizations anticipating increasing regulatory obligations, only 28% of organizations are planning to spend more, in 2023, than what they did in 2022.  

• This clearly indicates that almost 50% of the organizations which are anticipating increasing regulatory burden on their compliance functions, are expecting them to manage by “DOING MORE, WITH LESS”.
  ‍

‍

• Despite the serious market pressures and cost cutting across business units, only 10.5% of the organizations are looking at reducing their compliance function budgets. This indicates that compliance CONTINUES TO BE A KEY FOCUS AREA IN 2023.