Brexit was cited as the second biggest risk

economic Depression and Recession

Fears of an economic slowdown and the future of Europe are the main concerns for global compliance professionals, according to research by The Risk Advisory Group.

The survey of more than 150 compliance professionals found that 53% of respondents believe the threat of a recession is the biggest risk facing their business in the year ahead. Brexit was cited as the second biggest risk, with 55% saying they are still unsure about what it will mean for their business, but believe regulatory change is the most likely implication. Additionally, 13% fear Brexit may inhibit their ability to recruit the right talent.

A quarter (27%) of respondents cited the US election as one of the biggest threats facing their business in the year ahead.

A lack of resource continues to be a challenge for compliance professionals, with 73% expecting their budgets will either be cut or stay the same in 2017. This could explain why key priorities will be driving efficiencies in processes for 51% of respondents, and ensuring company-wide engagement and training for 49% of compliance professionals.

Commenting on the findings, Bill Waite, group CEO of The Risk Advisory Group, said: “The UK’s decision to leave Europe and the US election result are clearly dominating compliance professionals’ thoughts right now. No one knows for sure what Brexit will mean or what impact Donald Trump’s policies will have.

“But in the face of great uncertainty, there is a sense that compliance professionals are holding their nerve, looking at how to ensure they are in the best position to adapt to new or changing regulations. For 25% of the people we surveyed this means improving efficiencies – bolstering their internal defences so that they are prepared for the future, whatever it holds.”