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Quick Notes on the State of the Compliance for 2023

Friday 10 March 2023

This week Deloitte released their third annual State of Compliance report, highlighting significant themes around regulatory change,  technology change, cost-cutting and cyber resilience.

Regulatory change and cyber resilience have been highlighted as the top compliance challenges for banking and payments, insurance, superannuation, education, energy and utility,  and the public sector. 

The top approaches to the emerging themes are monitoring and responding to regulatory change, Improved data analytics and reporting and investing in existing systems.
The State Of Compliance in Brief for the majority of respondents:

  •  Compliance functions focus most of their attention on advising and partnering with their businesses

  • While the compliance function is adequately staffed, there is no spare capacity,
The essential skill in short supply is 'seeing the big picture', and compliance-supporting activities that are most in demand are critical thinking and the ability to interpret regulations.

  • Organisational values are said to be the biggest driver of corporate culture. 
The report credits the 2018 Royal Commission into financial institutions for driving investments in Regtech. Most respondents indicated that they did have Regtech solutions; however, some respondents also indicated that budget restraints as the most significant barrier to implementing Regtech to help improve compliance management.