Today, LexisNexis® Risk Solutions published an infographic summarizing the survey results of U.S. and Canadian compliance professionals on the range of challenges that financial institutions have experienced during the COVID-19 pandemic. The survey outlines the issues that many financial institutions encounter today and finds that the pandemic continues to test the resilience and agility of businesses across every market.
The ongoing pandemic-related pressures that compliance departments face will likely also drive increased compliance costs in the future. This is true for financial institutions of all sizes. While technology seems to be a greater cost factor for larger financial institutions, labor costs impact smaller institutions on a greater scale.
"The events of 2020 have been unprecedented and financial institutions must prepare for increased risk of financial crime for the foreseeable future," said Leslie Bailey, senior director of financial crime compliance strategy for LexisNexis Risk Solutions. "Compliance teams can optimize resources to better navigate the new normal brought by the pandemic while maintaining the customer experience with a multi-faceted approach that includes efficient technology, intuitive analytics and extensive global risk intelligence."
