Large firms and investors forecast greater regulatory challenges in 2024

A global survey of senior executives at large corporations and investment houses has revealed that most are preparing for a hike in regulatory challenges in 2024 according to a recent poll.

More than four out of five of those surveyed said their organisations were budgeting for an increase in fines they might face according to the study by regulation and compliance services firm, Ocorian. And nearly 90% expected the organisations they work for to increase their budgets for regulation and compliance over the next five years.” The study found that 78% expected increase in the number and overall value of fines issued in their sectors for breaking regulations, with 16% expecting a dramatic rise. 

The survey also found that close to three quarters of those quizzed believed their market was over regulated yet 86% were also anticipating further increases in regulation over the next five years.

Just under three out of five respondents believed their organisations will find it more difficult to comply with regulations across the jurisdictions they operate in.

Meanwhile Ocordian reported that just 57% of professionals surveyed said their organisation’s executive board takes regulation and compliance issues very seriously, while 38% said they take it quite seriously but could focus on it more.  

Despite the escalation in regulatory activity and risk highlighted in the poll, three quarters of respondents  said they struggle to hire relevant people for their compliance or legal department, and the same proportion forecast that it will become harder to recruit those people people.