Cost of Compliance Rises for 98%: LexisNexis Risk Solutions Report | FF News at Sibos 2023

Cost of Compliance Rises for 98%: LexisNexis Risk Solutions Report | FF News at Sibos 2023

In today's complex regulatory landscape, financial institutions are facing increasing pressure to comply with a myriad of rules and regulations. This is leading to a significant increase in the cost of compliance, with 98% of respondents to a recent LexisNexis Risk Solutions report indicating that they have experienced an increase in their compliance costs over the past year.

The report, which was conducted in conjunction with the Financial Fraud Action UK (FFA UK), found that the average cost of compliance for financial institutions has increased by 15% over the past year. This increase is being driven by a number of factors, including the increasing complexity of regulations, the need for more robust compliance systems, and the rising cost of regulatory fines.

The increase in the cost of compliance is a major concern for financial institutions, as it can eat into profits and reduce their ability to invest in other areas of their business. In order to mitigate the impact of rising compliance costs, financial institutions need to take a number of steps, including:

  • Implementing more efficient compliance systems
  • Automating compliance processes
  • Outsourcing compliance functions to third-party providers
  • Working with regulators to develop more streamlined regulations

By taking these steps, financial institutions can reduce the cost of compliance and free up resources to invest in other areas of their business.

To learn more about how Fundingo can help you reduce the cost of compliance, call toll-free at (877) 227-7271 or visit Fundingo.com.

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