Compliance officers struggling to manage the current avalanche of regulatory changes may be interested in how some of their counterparts in the financial services industry are spending their time these days.
Among 337 financial services compliance professionals surveyed by Thomson Reuters Governance, Risk and Compliance, almost 40 percent spend at least half a day every week on updating and amending policies and procedures to reflect the latest regulatory requirements. More than one third of compliance teams spend more than one day every week tracking and analyzing regulatory developments, according to the 2011 Cost of Compliance Survey. Roughly 15 spend more than one man day a week creating and amending compliance reports for the board, including details of regulatory activity and change,
