Dun & Bradstreet has launched its customer due diligence study, shedding a light on the UK’s financial sector which continues to grow but faces huge challenges in dealing with the regulatory risk that the current business environment presents.
Compliance professionals are becoming further stretched by the continued impact of Brexit and regulatory changes that Donald Trump’s government will introduce, and ensuring that compliance teams remain the first line of defence in mitigating financial and reputational business risks will be central to success in 2017.
Key findings from the study found that:
- 49% of compliance professionals surveyed admit it will become harder to comply with regulation over the next year
- Two-fifths (40%) of respondents expect customer onboarding times to increase over the next five years
- Over a quarter (28%) say that it would take between three and four working days to identify and compile a report on a client that posed a regulatory risk
- 75% believe that CDD (Customer Due Diligence)-related delays have a negative effect on the customer experience
- 50% plan to invest in technology in the next five years to respond to regulation
The full release is below and the entire report can be read here.
Source: Thomas Cosgrove, Director of Global Compliance Strategy, Dun & Bradstreet