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The Friday List: Top 6 Findings from our 2017 Compliance Survey

Today, we offer our “Friday List,” an occasional feature summarizing a topic significant to investment management professionals interested in regulatory issues.  Our Friday Lists are an expanded “Our Take” on a particular subject, offering our unique (and sometimes controversial) perspective on an industry topic.

For the 4th straight year, Cipperman Compliance Services conducted its compliance survey to determine best practices and attitudes toward compliance.  Our findings show an industry that is beginning to accept compliance as integral to the business, perhaps in response to prospective clients.  However, our findings also show significant numbers of firms that do not have confidence in their compliance programs, continue to dual-hat senior executives, and spend significantly more in other areas.  Below are the top 6 findings from our recent survey.


Top 6 Compliance Survey Findings


  1. Compliance Attitude Improving:  Over 80% of asset managers believe that compliance helps business, ensures honesty, or protects the franchise.  These percentages have increased over the last several years.
  2. Client Interest Growing: Nearly 2/3 of asset managers report that prospective clients review the compliance function before engaging.
  3. Regulatory Concern:  Over 40% of alternative managers and 25% of asset managers do not believe their compliance programs could withstand regulatory scrutiny.
  4. Compliance vs. Legal Spending: Most respondents across all categories spend significantly more on legal resources than compliance resources.
  5. Cybersecurity:  While most firms believe they have adopted adequate cybersecurity policies, most are not confident in their cybersecurity.
  6. Dual-Hatting:  Only slightly more than half of alternative managers have a fully-dedicated CCO, while the other 40%+ rely on dual hatted executives.

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