Survey Report: Financial institutions navigate forward by outsourcing compliance

Three out of four financial services firms that chose to outsource portions of their financial crime compliance function reported they were pleased with the results, according to a new survey conducted by Compliance Week and financial services consultancy Guidehouse.

The survey of 247 compliance professionals working at banks, financial technology firms, cryptocurrency firms, and nonbank financial institutions found 26 percent of respondents were currently outsourcing, while 14 percent were considering outsourcing.

Insights shared from respondents included:

• The impact of outsourcing on compliance program effectiveness
• Perceived opportunity areas from organizations considering outsourcing
• Meeting regulator expectations regarding outsourcing