The Proprietary Research Conducted Throughout 2023 and into Early 2024 Is Supported by Detailed Analyses by COMPLY’s Industry-Recognized Compliance Consultants
New York March 14, 2024 – COMPLY, the global market leader of compliance software, consulting, and education resources for the financial services sector, today announced its publication of its 2024 “By the Numbers: A Compliance and Regulatory Technology Analysis for the Financial Services Industry.”
The report, which includes findings on firm business growth and operations, the evolution of the compliance landscape, and regulatory priorities, highlights how the industry has progressed to meet the heightened demands of an increasingly active regulatory administration.
Key takeaways from the report include:
- 27% listed potential compliance concerns when asked their top concern/reservation with the use of Generative AI/ChatGPT.
- 43% of firms require pre-clearance and/ or deploy trade surveillance for employees relating to digital assets such as cryptocurrencies
- 66% of firms expect their compliance budget to increase this year
“As a result of the dynamic and unprecedented regulatory environment, advisory firms are faced with the choice of adapting and evolving their business practices, or be left behind,” said John Gebauer COMPLY Chief Regulatory Officer. “In conducting this research, we aimed to provide insight into the specific challenges firms consider to be the most impactful to their business as well as the strategic initiatives they have deployed to address them. The breadth of concerns and challenges highlighted in this report – from cybersecurity to cryptocurrency – only serves to highlight the scope of responsibility which CCOs and compliance professionals must manage daily.”
Data for the report was gathered from January 2023 – January 2024 and includes a range of firm sizes and types.
The report is available for download now.
About COMPLY
As a global market leader in regulatory compliance solutions, COMPLY combines the power of regulatory technology, services, and education to empower Chief Compliance Officers (CCOs) and compliance professionals to easily navigate the regulatory landscape. COMPLY enables firms to scale their growth while remaining vigilant in their compliance efforts by providing solutions designed to manage the burden of complex compliance tasks. Our deep bench of industry expertise – which includes expansive knowledge in technology enablement and regulatory compliance protocols and processes from our product portfolio offerings ComplySci, RIA in a Box, and NRS — supports more than 7,000 clients, including investment management firms, private equity firms, hedge funds, broker-dealers, registered investment advisers and other financial service sector participants.
COMPLY continually supports clients in their work to proactively address core compliance challenges – minimizing risk, addressing critical priorities, and meeting new demands as the industry evolves and the firm scales.
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Media Contacts
Brianna Fredriksen
COMPLY