A new global compliance risk study, conducted by Accenture, shows that compliance departments at financial firms all over the globe are facing problems with the rapid pace of change in the regulatory and competitive landscapes, an expected increase in the volume of business and pressure from regulators to manage 'conduct' and 'human risk.'

More specifically, the report finds that ever-more sophisticated software will allow financial institutions to manage threats such as cyber risks, financial crime policy and 'business risks,' which respondents cited as the top risks that compliance organisations will face in the next three years. It also says that a massive increase in the volume and complexity of regulations has destabilised the compliance function at many financial institutions. Front-office processes are also a main source of concern.

Key statistics from the study of more than 150 global compliance officers include the following.

• 67% say that improving systems and adopting new technology tools is the most important change in the next year.
• 80% find that "industry shared services" will become crucial as industry data protection improves.
• 73% think that the automation (including robotics) of processes will make them more efficient.