Archive for month: April, 2016

Survey reports that regulations and their implementation are a major concern for compliance workforces globally



Survey reports that regulations and their implementation are a major concern for compliance workforces globally.

The recently released NASDAQ Global Compliance Survey noted that over the past year there has been a significant focus on compliance, resulting in hefty increases in compliance spending, resources and staff worldwide. About half of respondents state that their budgets have increased nearly 25%, a big increase when compared to an average increase of 10-15% per year.

Compliance has moved from a traditionally back-office function to a high priority for global firms.  Supporting that, 35% of Chief Compliance Officers now report directly to the Chief Executive Officer.

The growing focus on the compliance function is being driven by an increase in global and regional regulations. Regulations continue to be a major concern for compliance personnel globally, with more frequent compliance policy updates and increasingly automated monitoring processes.

It states that as the trading landscape evolves, explicit policies surrounding monitoring are required, as well as automated compliance technologies. Most compliance departments update policies on a regular basis, and most of those update policies every year.

You can read the complete Survey here.

Having worked in the banking and public sector compliance industry for many years, Monad has experienced that increase in compliance focus. However, we believe there is still a lack of appreciation of the level of compliance required. Ensuring you remain off the front pages for aiding and abetting crime or terrorism is one thing, but that may not keep your organisation from being prosecuted for non-compliance. Compliance organisations increasingly demand auditable processes be in place to ensure consistent compliance. For example, in identifying Politically Exposed Persons (PEPs), Australian regulations demand that you have a process in place to identify PEPs, with evidence that it is being used. The actual evidence of a crime is not required for regulators such as AUSTRAC (and other global organisations) to be interested in your business.

Monad has invested significantly to meet this need, on the back of a number of banking compliance automation engagements. For more information on Monad’s compliance solution visit