About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Overall Concerns Remain High in Wolters Kluwer’s 2018 US Regulatory and Risk Management Survey

Subscribe to our newsletter

Wolters Kluwer’s Compliance Solutions division in December released the results of its annual Regulatory and Risk Management Indicator survey for the US in 2018. The survey showed a Main Indicator Score of 85, an 18% decrease from 2017.

The high score demonstrates continued anxiety on certain risk and regulatory issues that demand close attention. However, the firm highlights a “notable easing” in the anxiety levels of US banks and credit unions in managing their risk and regulatory compliance obligations as compared to the 2017 survey results.

The Indicator survey was conducted nationwide between 22 August and 12 September 2018 and generated 582 responses.

Despite the recent passage of regulatory relief legislation by the US Congress, 62% of respondents indicated that they “do not anticipate a likely reduction” in regulatory burden in the coming two years.

“While we see a reduction in the Main Indicator Score, more than 60% of respondents continue to rate their compliance concerns as a ‘7 or higher’ on a 10-point scale. It is notable that risk management concerns also remain fairly high, and there is palpable apprehension about several top issues, including cybersecurity, IT risk and credit risk that respondents indicated will receive escalated priority and investment in the coming 12 months,” says Timothy R. Burniston, Senior Advisor for Regulatory Strategy at Wolters Kluwer Compliance Solutions.

Over the next 12 months, the surveyed institutions said they are most likely to make “moderate to high” investments in updating policies and procedures (78%), strengthening risk assessment and controls (77%), and training their staff, board of directors and senior management (75%) as priorities. The responses indicate a continuing concern about compliance risk management in general and point to the specific areas regulators are likely to scrutinize.

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: Best practices for compliance with EU Market Abuse Regulation

Date: 18 June 2024 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes EU Market Abuse Regulation (MAR) came into force in July 2016, rescinding the previous Market Abuse Directive and replacing it with a significantly extended scope of regulatory obligations. Eight years later, and amid constant change in capital markets regulation,...

BLOG

FinTech Veterans Create Data, Technology and Services ‘Ecosystem’ to Solve Regulatory Challenges

The battery of ESG and financial regulations introduced in the past few years – and the future rules already in an advanced state of preparation – are weighing on institutions as the threat of censure for breaches increases. But a team of FinTech specialists has come up with a novel approach to helping all parties,...

EVENT

Data Management Summit London

Now in its 14th year, the Data Management Summit (DMS) in London brings together the European capital markets enterprise data management community, to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

Regulatory Data Handbook 2023 – Eleventh Edition

Welcome to the eleventh edition of A-Team Group’s Regulatory Data Handbook, a popular publication that covers new regulations in capital markets, tracks regulatory change, and provides advice on the data, data management and implementation requirements of more than 30 regulations across UK, European, US and Asia-Pacific capital markets. This edition of the handbook includes new...