46% are highly stressed
and 40% are moderately stressed
And it won't get much better.In two years' time...
Only 28% think they'll still be highly stressed
but 51% still expect to be moderately stressed
52% say reputational damage
39% say the loss of clients
28% say financial penalties levied by regulators
52% say they are in a high state of overall readiness for what lies ahead over the next two years
Yet fewer than 1/2 agree that any specific regulatory-related element is in a high state of readiness...
The stress is being felt all the way to the top, with the most senior executives described as highly stressed
It's changing firms' priorities by:
Overall, spend will rise...
62% will increase their compliance budgets with an average rise of 12%
10% of companies expect to be able to reduce compliance budgets over the next two years by an average of 9%
Even while they loosen the purse strings,35% of respondants say the cost of adapting to change is their top challenge.
Over the past two years...
And in the next two years...
Firms are building a culture of compliance and taking a more strategic approach to regulatory change...
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The Regulatory Pressure Cooker: Assessing Regulatory Stress in the Financial Services Sector is a SunGard research report that was conducted in collaboration with Longitude Research. The results are based on a global survey of 400 senior financial services executives that was administered in late 2013.