COST OF COVID-19 Survey

Amidst the extraordinary uncertainty of COVID-19, compliance and risk teams face the added complexity of managing increased regulatory risk whilst tentatively planning for recovery. We’re providing a platform for practitioners to share their COVID-19 views so that industry peers can benchmark their own expectations and plans as they navigate and prepare for a new normal when this global emergency ultimately fades. Our Chief Digital Officer has led a decade of ‘Cost of Compliance’ surveys since the financial crisis which have given a collective voice to thousands of compliance and risk practitioners worldwide and will make anonymised results freely available to the industry in Q2.

The questions should take no more than 5 minutes to complete. All responses will remain confidential.

1.About you (optional)

Name

Company

Email Address

2.Role/ Job function

3.Sector - please select from the following

4.Region - please select from the following

Plans and processes

5.What impact do you expect COVID-19 to have on your 2020 compliance, risk and monitoring plans?

Major review and new plan needed

Likely to require significant update

Minor update and changes needed

No change

6.How have your existing processes handled regulatory change during this period?

Business as normal, we’re used to this level and pace of change

More challenging than pre-COVID-19

Very challenging to keep up with developments

7.Are you clear which aspects of your firm's COVID-19 response you’re responsible for?

Yes, very clear lines of accountability in place

Yes, in part

Not yet clear

Risk and Controls

8.Do you expect to adjust future business continuity and risk assessments in light of COVID-19?

Major review needed to account for pandemics

Re-assessment required - pandemics accounted for but not on this scale

No change needed, we were fully prepared for the impact

9.Which areas of risk have increased as a result of COVID-19? (Select all that apply)

Capital liquidity

Data privacy and cyber-security

Financial crime

Market conduct including insider trading

Personal liability and corporate governance

Consumer protection and conduct of business

Record keeping and audit trails

Regulatory reporting

Other (please specify)

10.What impact has widespread remote working had on your firm’s regulatory compliance risk?

Significant increase in new risks requiring new policies, procedures and controls

Significant increase in existing risks

Moderate increase

No change, we were fully geared up for operating remotely

Resources

11.In the next 12 months, what business changes do you expect will impact your function? (Select all that apply)

Other (please specify)

12.What’s the biggest direct change you anticipate for your function as a result of COVID-19?

Other (please specify)

13.What impact do you expect COVID-19 to have on your compliance budget?

Expect immediate reduction in current year’s budget

Expect reduction in next year’s budget

No change expected

Expect to re-divert existing budget to COVID-related activities

Expect increase in line with increased responsibilities

Other (please specify)

14.What impact do you expect COVID-19 to have on the technology used by your function?

Extensive - it will accelerate a complete digital transformation

Major - specific activities will need new technology

Moderate - we’re more likely to implement new technology

Minor - minimal impact as existing technology meets our needs

Other (please specify)

Regulatory

15.What practical support from regulators has been the most helpful?

Delayed implementation of new rules

Flexibility in deadlines

Relaxation of existing rules

Clarity of expectations regarding current rules

Rescheduled inspections

Other (please specify)

16.How effective has the international regulatory response to COVID-19 been?

Very effective

Adequate, more international co-ordination would be helpful

Limited, much more international co-ordination needed

Don’t know

Looking Ahead

17.How concerned are you about the future of your firm?

Very concerned about the longer term

Moderate, we will suffer a short-medium impact

Minimal or no impact

Don’t know or prefer not to say

18.From a risk and compliance perspective are there any lessons you’ve learned during the crisis that could help other practitioners?

19.Is there anything you hope will change from a regulatory risk and compliance point of view as the industry recovers?

20.Please confirm the following

You are happy for free text to be anonymously quoted in findings.

You are happy to be contacted by Corlytics, including being notified when results are available (if you have provided contact details).