“Stressed out Compliance staff who are suffering under the weight of change in the regulatory environment are now joined by senior executives in the financial services industry, who described themselves as “highly stressed”.
The pressure of dealing with change has expanded beyond compliance departments into the C-suite, says SunGard following its survey of 400 senior executives across the globe.
Almost half of respondents describe themselves as “highly stressed” by the current pressure of regulatory change, with little prospect of imminent improvement.
Senior executives say they are concerned that regulatory change is potentially hindering companies’ ability to grow.
One in two respondents warns that dealing with regulatory change has impacted shareholder returns and the ability to invest for the future.
Only one in two companies say they are highly ready for the regulatory changes that they must confront throughout 2014 and 2015.
Jeffrey Wallis, managing partner and president of SunGard Consulting Services, says, “Our survey demonstrates that executives at the highest levels are struggling to marry ensuring regulatory readiness with maintaining a focus on day-to-day operations.”
This week, one of the key incoming new regulations takes hold: the European Market Infrastructure Regulation (Emir).
The SunGard report based on the survey is called The Regulatory Pressure Cooker: Assessing Regulatory Stress in the Financial Services Sector.” published by funds-europe