64% of Compliance Pros Don't Have Enough Time to Manage Requirements [Industry Report]
In this free industry report, you will learn key statistics that reflect the state of compliance in 2018! Get this free Compliance Pulse report today.
Earlier this month, we launched the "Compliance Pulse" survey, where we interviewed compliance professionals nationwide about their experiences in the industry this year. The response was wonderful - thank you to everyone who participated.
Based on the responses to this survey, we've created the 2018 Compliance Pulse report. This compliance industry report summarizes your responses, and provides valuable insights about the state of compliance this year and next.
(If you didn't have a chance to provide your response yet, you still can here! We'll be updating the report through the first quarter of 2019.)
In this post, you'll learn a few key insights about the compliance industry and get access to the 2018 Compliance Pulse Report!
Let's jump right in with a sneak peek of some of the insights you can expect to gain from the compliance industry report, the 2018 Compliance Pulse:
1. More than 76% of compliance professionals who responded to this survey are women.
These respondents are almost entirely from unique institutions, indicating that compliance professionals nationwide tend to be female. For more than 50% of respondents, the management team is majority-male.
2. HMDA is one of the biggest priorities for compliance pros in 2019.
Here is a word cloud that reflects these priorities:
And as mentioned in the title, more than 64% of respondents do not feel that they have enough time to manage all of the compliance requirements and expectations.
3. More than 40% of respondents disapprove of this statement from Representative Maxine Waters: "Make no mistake, come January, in this committee the days of this committee weakening regulations and putting our economy once again at risk of another financial crisis will come to an end."
The responses to the political environment ran the gamut. Here are a few quotes that reflect your perspectives:
- "Statements like that of Maxine Waters are petty, uninformed. People who make these type statements generally have little to no understanding of the facts of a situation, they are reacting to some emotional information."
- "Trump is good for credit unions - has good business sense."
- "The government is a mess, both federally and at the state level."
- "There will be a check on the Trump administration to prevent said administration from gutting the CFBP and perhaps restore some of the regulations that have been dropped."
- "There will be a lot of political posturing, but no real changes until the 2020 election."
Political changes at the federal and state level are likely to have an impact on compliance pressure, but whether that will lean towards more scrutiny or more relief remains to be seen.