Thomson Reuters Regulatory Intelligence recently published its 11th annual Cost of Compliance report. Over 750 senior compliance practitioners took part in a related survey, representing banks, insurers, broker-dealers, and asset managers.
Among those respondents, 73% indicated that the regulatory focus on culture or conduct risk will result in increased personal liability exposure for senior managers. About one in five respondents expect such personal liability to grow significantly in the course of the next year.
With the survey having been completed before COVID-19 had a global impact, the Thomson Reuters report seeks to offer views on what risk and compliance practices will look like in the face of current and future uncertainties. Culture and conduct risk concerns are expected to remain significant in that context — perhaps even more so than previously. See the full report to learn more.