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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-07-26T18:16:00
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.
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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
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2023-07-12T12:36:00Z By Kyle Brasseur
The United States is one of few leaders in the anti-corruption enforcement space but still must reckon with its role as a top facilitator of financial crime, according to the executive director at the U.S. office of Transparency International.
2023-07-05T17:10:00Z By Kyle Brasseur
The impact of new technologies like generative artificial intelligence on the third-party risk management landscape was among the points of discussion addressed at Compliance Week’s TPRM Summit in Atlanta.
2021-11-11T18:43:00Z By Jaclyn Jaeger
As they look to manage third-party risks, compliance departments are increasing their reliance on outsourcing. Experts at Compliance Week’s virtual Europe event discuss the benefits and risks of enlisting external help.
2024-07-25T18:15:00Z By Aaron Nicodemus
A new compensation survey found base pay for chief compliance officers has risen 36 percent since 2021 to an average of more than $403,000.
2024-07-22T16:04:00Z By Neil Hodge
Companies may need to examine employees by age group to find out how likely some workers might be to ditch compliance to complete tasks.
2024-07-18T14:27:00Z By Adrianne Appel
Nearly three-quarters of compliance professionals at investment firms have made testing for off-channel and electronic communications surveillance a top priority in mock exams, according to a new poll, with more than half calling it the “hottest” topic of discussion.
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