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An ever increasing spotlight - Compliance within regulated organisations in Jersey 2013

An ever increasing spotlight - Compliance within regulated organisations in Jersey 2013

 

Background

Deloitte has published the findings of its second survey of Jersey based compliance officers. The survey was conducted during the first quarter of 2013 with those participating coming from a broad spectrum of Jersey regulated businesses.

Andy Isham, partner, commented “The survey findings make interesting reading against a backdrop of increased regulatory scrutiny, volume of regulatory change, and recent high profile media attention focussed on offshore financial centres. Pressure on budgets and resourcing issues coupled with increasing volumes of work paint a bleak picture of the challenges facing compliance functions in the current environment”.

“More positively, however, in comparing the findings to those of our 2010 survey it was encouraging to note that compliance functions are increasingly acknowledged by senior management as adding value to a business and the days of being viewed as having policing role from a corner office are long gone. In light of current market trends of consolidation of service providers, the benefits of having an effective compliance function cannot be underestimated.”

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