True Cost of Compliance – 2023 Report

True Cost of Compliance – 2023 Report

The consulting company Oxford Economics presented results of the study of the compliance services market in the UK financial sector.

Among the main issues is the analysis of the volume and nature of corporate costs for the detection and prevention of financial crimes. As part of this study, more than 300 senior executives were interviewed. According to experts, in the period 2020-2023. the volume of costs for compliance with financial reporting requirements increased by 20%. The tightening of regulatory control, the growth of criminal activity and operating business expenses are key factors.

For the purpose of financial optimization, the authors of the report recommend prioritizing automation and improving the professional competencies of employees.

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