Digital Corporate Compliance
Compliance professionals at corporations nationwide have already been saddled with a heavier workload as they are held responsible for the coverage and monitoring of an increased number of risks and threats. This pressure may grow even heavier as organizations adopt a larger regulatory burden in the coming weeks and months, according to a recent report.
Dow Jones Risk and Compliance and the Association of Certified Anti-Money Laundering Specialists released the results of a joint survey this week, which queried up to 1,200 compliance professionals. These individuals shared the challenges they face when combating risks today, which include overstretched workforces, technological limitations and increased attention to a wider range of risks.
New federal regulatory requirements should only add to that workload, compliance professionals told the survey. Many of the respondents were tasked with fraud prevention responsibilities at their companies, and suggested that the lack of availability of quality data has, at times, hindered their ability to alleviate workload pressure.
That reinforces a frequently discussed theme in today’s risk management environment – the need for accurate, comprehensive client data.
It’s why many corporate executives today seek sophisticated risk management tools to form the foundation of their business’ fraud risk management framework. With better data and improved fraud strategy management capabilities on hand, executives may be able to achieve a better balance between current staff levels and incoming pressures from increasing regulatory requirements.
Such capabilities might also improve compliance professionals’ outlook on their workload levels moving forward into 2013. According to the survey, only 2 percent expect the amount of work on their plates to decrease next year, while most expect it to remain at current high levels.
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Compliance professionals at corporations nationwide have already been saddled with a heavier workload as they are held responsible for the coverage and monitoring of an increased number of risks and threats. This pressure may grow even heavier as organizations adopt a larger regulatory burden in the coming weeks and months, according to a recent report.
Dow Jones Risk and Compliance and the Association of Certified Anti-Money Laundering Specialists released the results of a joint survey this week, which queried up to 1,200 compliance professionals. These individuals shared the challenges they face when combating risks today, which include overstretched workforces, technological limitations and increased attention to a wider range of risks.
New federal regulatory requirements should only add to that workload, compliance professionals told the survey. Many of the respondents were tasked with fraud prevention responsibilities at their companies, and suggested that the lack of availability of quality data has, at times, hindered their ability to alleviate workload pressure.
That reinforces a frequently discussed theme in today's risk management environment – the need for accurate, comprehensive client data.
It's why many corporate executives today seek sophisticated risk management tools to form the foundation of their business' fraud risk management framework. With better data and improved fraud strategy management capabilities on hand, executives may be able to achieve a better balance between current staff levels and incoming pressures from increasing regulatory requirements.
Such capabilities might also improve compliance professionals' outlook on their workload levels moving forward into 2013. According to the survey, only 2 percent expect the amount of work on their plates to decrease next year, while most expect it to remain at current high levels.
Compliance professionals at corporations nationwide have already been saddled with a heavier workload as they are held responsible for the coverage and monitoring of an increased number of risks and threats. This pressure may grow even heavier as organizations adopt a larger regulatory burden in the coming weeks and months, according to a recent report.
Dow Jones Risk and Compliance and the Association of Certified Anti-Money Laundering Specialists released the results of a joint survey this week, which queried up to 1,200 compliance professionals. These individuals shared the challenges they face when combating risks today, which include overstretched workforces, technological limitations and increased attention to a wider range of risks.
New federal regulatory requirements should only add to that workload, compliance professionals told the survey. Many of the respondents were tasked with fraud prevention responsibilities at their companies, and suggested that the lack of availability of quality data has, at times, hindered their ability to alleviate workload pressure.
That reinforces a frequently discussed theme in today's risk management environment – the need for accurate, comprehensive client data.
It's why many corporate executives today seek sophisticated risk management tools to form the foundation of their business' fraud risk management framework. With better data and improved fraud strategy management capabilities on hand, executives may be able to achieve a better balance between current staff levels and incoming pressures from increasing regulatory requirements.
Such capabilities might also improve compliance professionals' outlook on their workload levels moving forward into 2013. According to the survey, only 2 percent expect the amount of work on their plates to decrease next year, while most expect it to remain at current high levels.
Compliance professionals at corporations nationwide have already been saddled with a heavier workload as they are held responsible for the coverage and monitoring of an increased number of risks and threats. This pressure may grow even heavier as organizations adopt a larger regulatory burden in the coming weeks and months, according to a recent report.
Dow Jones Risk and Compliance and the Association of Certified Anti-Money Laundering Specialists released the results of a joint survey this week, which queried up to 1,200 compliance professionals. These individuals shared the challenges they face when combating risks today, which include overstretched workforces, technological limitations and increased attention to a wider range of risks.
New federal regulatory requirements should only add to that workload, compliance professionals told the survey. Many of the respondents were tasked with fraud prevention responsibilities at their companies, and suggested that the lack of availability of quality data has, at times, hindered their ability to alleviate workload pressure.
That reinforces a frequently discussed theme in today's risk management environment – the need for accurate, comprehensive client data.
It's why many corporate executives today seek sophisticated risk management tools to form the foundation of their business' fraud risk management framework. With better data and improved fraud strategy management capabilities on hand, executives may be able to achieve a better balance between current staff levels and incoming pressures from increasing regulatory requirements.
Such capabilities might also improve compliance professionals' outlook on their workload levels moving forward into 2013. According to the survey, only 2 percent expect the amount of work on their plates to decrease next year, while most expect it to remain at current high levels.
Compliance professionals at corporations nationwide have already been saddled with a heavier workload as they are held responsible for the coverage and monitoring of an increased number of risks and threats. This pressure may grow even heavier as organizations adopt a larger regulatory burden in the coming weeks and months, according to a recent report.
Dow Jones Risk and Compliance and the Association of Certified Anti-Money Laundering Specialists released the results of a joint survey this week, which queried up to 1,200 compliance professionals. These individuals shared the challenges they face when combating risks today, which include overstretched workforces, technological limitations and increased attention to a wider range of risks.
New federal regulatory requirements should only add to that workload, compliance professionals told the survey. Many of the respondents were tasked with fraud prevention responsibilities at their companies, and suggested that the lack of availability of quality data has, at times, hindered their ability to alleviate workload pressure.
That reinforces a frequently discussed theme in today's risk management environment – the need for accurate, comprehensive client data.
It's why many corporate executives today seek sophisticated risk management tools to form the foundation of their business' fraud risk management framework. With better data and improved fraud strategy management capabilities on hand, executives may be able to achieve a better balance between current staff levels and incoming pressures from increasing regulatory requirements.
Such capabilities might also improve compliance professionals' outlook on their workload levels moving forward into 2013. According to the survey, only 2 percent expect the amount of work on their plates to decrease next year, while most expect it to remain at current high levels.
