Gaining understanding of new regulations, managing operations in line with new regulations and anti-money laundering are among the key areas of focus for chief compliance officers and executives at financial services firms, according to a survey by IPC Systems.
The IPC Compliance Survey revealed that 68% of financial services firm executives have raised their investment in risk and compliance.
Further, 45% of respondents cited keeping pace with changes in technology as their key consideration. Communications archival and data management were the key considerations of 26% and 21% of respondents, respectively.
About one-third of respondents cited cybercrime as key areas of focus for their company, while one-third cited employee conduct.
Other focus areas cited by respondents were managing reputational risk (29%), fraud detection and prevention (27%), and avoiding large fines (less than 10%).
IPC senior vice president of risk and compliance Lionel Grosclaude said: "Our Compliance survey reaffirms that, as global financial compliance requirements continue to evolve, it is a significant challenge to understand policy and manage the data tied to communications, interactions and transactions to ensure it is securely captured, archived, and analyzed.
"Financial services companies need expertise, guidance and technology solutions that holistically addresses their information governance challenges."