Firms are currently in annual planning mode, and as a result, they are thinking about the most pressing compliance challenges they’ll have to overcome, and the top compliance initiatives they plan to prioritize in 2022.
We surveyed a group of financial services compliance professionals at our recent ComplySci® 101 webinar and learned that more is keeping compliance leaders up at night than ever before, including an increase in scope as businesses continue to recover from the pandemic. The top challenges of 2022 will be:
- 71% of attendees consider data management a top challenge
- 57% of attendees are concerned about increased role responsibilities, as compliance professionals are asked to take on more responsibilities with less resources
In addition to the compliance challenges firms will face in 2022, there are also key initiatives compliance teams plan to prioritize:
- 50% of attendees consider preparing for the SEC’s Marketing Rule a top compliance priority of 2022
This ties into our recent ComplySci® Stats survey, which indicated 77% of compliance professionals are using manual processes like email to preclear Marketing Materials, despite the prevalence of compliance software.
In 2022, Compliance teams will need to leverage scalable compliance software to streamline and automate manual activities. Less time spent on manual compliance tasks frees compliance to focus more on revenue-generating activities and the big picture of risk across the organization, which is surely what every firm wants to achieve in the new year.
Start 2022 right and mitigate risk. Request a demo of ComplySci today.