Survey: Financial institutions doing more with less by outsourcing compliance
Three out of four financial services firms that chose to outsource portions of their financial crime compliance function reported they were pleased with the results, according to a new survey conducted by Compliance Week and financial services consultancy Guidehouse.
The survey of 247 compliance professionals working at banks, financial technology firms (fintechs), cryptocurrency firms, and nonbank financial institutions (NBFIs) found 26 percent of respondents were currently outsourcing, while 14 percent were considering outsourcing.
Among those who outsourced, 74 percent felt it improved the effectiveness of their compliance program in fighting financial crime. Another 18 percent reported no change in effectiveness, while 8 percent said their compliance efforts “went backwards” after outsourcing.