When you speak with compliance officers today, you get the immediate sense that new regulations have put them on a fast-moving treadmill with an ever increasing pace. Despite their best effort to catch up, it’s a challenge not to get tripped up. The global financial crisis that caused lawmakers and regulators in nearly every market to write new regulations has compelled compliance officers to re-examine and rework their regulatory procedures and surveillance programs. It has also brought on the need for the firm’s compliance and IT teams to work closely together to manage these new regulatory responsibilities and compliance initiatives.
IPC recently surveyed approximately 100 compliance officers from across its customer base in North America to capture what they need to accomplish and how well aligned they are with IT. This survey was conducted at a recent compliance and legal seminar that featured discussions on the latest regulatory developments, compliance issues and industry trends. Hundreds of compliance officers from banks and other financial institutions in North America attended.