NEW YORK & LONDON--(BUSINESS WIRE)--Thomson Reuters’ Governance, Risk and Compliance (GRC) business has published its second annual Cost of Compliance Survey for 2011 which reveals that firms expect another year of increased regulatory transformation and require more time, effort and money in order to manage the avalanche of changes.
Of the 337 global compliance professionals who responded to the survey, 71 percent said they foresaw that an increase in time and resource would be required to work with regulators and exchanges to ensure they were adequately prepared to meet regulatory requirements. The survey also highlighted the need for financial services firms to make sure that compliance functions operated in tandem with internal audit, risk and legal functions to ensure that there was a consistent and integrated approach to risk identification, management and mitigation.
Chris Pilling, senior vice president, Regulatory Risk & Compliance for Thomson Reuters Governance, Risk and Compliance, said: “The successful management of risk while encouraging innovation is crucial for all financial services firms in all jurisdictions, and compliance officers must be at the forefront of assisting boards to deliver robust, consistent and demonstrable risk management. Thomson Reuters Governance, Risk and Compliance business offers a suite of comprehensive tools designed to connect business transactions, strategy and operation to the regulatory environment. This connected approach helps firms to move faster than their competition, while ensuring the future-proofing of their business.”
For more information and to download the Cost of Compliance white paper, please visit www.complinet.com/cost-of-compliance/.
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About Thomson Reuters Governance, Risk and Compliance
The Governance, Risk and Compliance business of Thomson Reuters brings together global regulatory and securities intelligence; contract and deal drafting tools; internal policy management; e-learning; anti-money laundering solutions; and audit, filing and disclosures services. It provides financial institutions, insurance companies and other firms with powerful tools and insights to support decision making across the organization. Thomson Reuters is uniquely positioned to bring comprehensive information assets, advanced technology, products and relationships across the compliance and legal marketplace to connect relevant information in a meaningful way and give customers the knowledge to act. The Thomson Reuters GRC unit will deliver a fully integrated solution that provides a cohesive view of risk, enabling customers to connect regulatory obligations with business goals to drive innovation and success. The unit comprises market-leading GRC brands including Complinet, Paisley, Westlaw Business, Westlaw Compliance Advisor, Oden and West’s Capitol Watch. For more information, visit grc.thomsonreuters.com.