Complinet Survey Reveals Lack Of Confidence In Corporate Policies And Policy Manuals

A significant percentage of financial services professionals currently do not read their institution's policy manuals and are not fully aware of corporate policies and procedures, according to a new survey of over 550 financial services professionals working in London and

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A significant percentage of financial services professionals currently do not read their institution’s policy manuals and are not fully aware of corporate policies and procedures, according to a new survey of over 550 financial services professionals working in London and New York.

The survey comprised professionals working in London and New York financial institutions, and brought to light that many of these professionals potentially place themselves and their organisations at risk by not applying and implementing new policies for those regulatory changes which hold them accountable.

The survey responses revealed that 14 percent of financial services workers surveyed were not confident that their organisation’s policies were up to date with the most recent regulatory changes. In addition, nearly 15 percent of respondents admitted they did not read their institution’s policies regularly, and 20 percent admitted to never having read their firm’s policy manuals.

“Financial institutions are lagging in implementing and enforcing new regulatory requirements, and are consequently exposing themselves to the risk of regulatory investigations, fines and other penalties.” says Paul Johns, chief marketing officer for Complinet. “Our findings highlight the need for organisations to adopt new methodologies and alternatives to the old-fashioned paper-based ‘publish and hope’ approach.”

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