The True Cost of Compliance - Jobs at Shield
If you do, you'll be damned if you don't. Financial institutions are mired in a seemingly unsolvable conundrum. Permission to operate necessitates adherence to regulatory compliance regulations and procedures established by the firms' governing national and global financial authorities. As Compliance Officers and regulators struggled to handle an overnight transition from dealers operating in safe environments – to working from their kitchens – the global epidemic drove up compliance costs. As is often the case with technological developments, the true cost of those advancements should be assessed in jobs rather than dollars. Adding insult to injury Despite the fact that authorities temporarily loosened reporting and some other parts of compliance following the implementation of COVID, all businesses realised that the day of reckoning would come, and enforcement would be unavoidable. When the coronavirus first appeared, Compliance Officers were taken aback by the unanticipa