Focus on Compliance

On average, compliance spending is outpacing growth of net income at the nation's largest financial and thrift institutions.

A Deloitte Center for Banking Solutions survey found that compliance spending as a percentage of net income rose to 3.69% in 2006 from 2.83% in 2002.

Respondents also recognized that compliance is a customer and reputation issue. Three-quarters said they've noticed a burgeoning link between their compliance abilities and their reputation with customers over the past five years and expect the trend to continue.

Other findings included:

n 60% of individuals with the primary responsibility for compliance reported directly to the CEO.

n 40% said time devoted to compliance has increased by more than 25% since 2002.

n 95% measured compliance performance through internal feedback from testing activities and an internal audit. Other popular methodologies included formal and informal meetings with regulators (90%), industry surveys (80%) and quantitative metrics (55%).

For the study, the Deloitte Center for Banking Solutions surveyed chief compliance officers, chief risk officers and other senior executives at 20 of the top 50 domestic financial and thrift institutions.

Source: Navigating the Compliance Labyrinth: The Challenge for Banks, Deloitte & Touche USA LLP,

<% server.execute /pubs/jofa/includes/footer.htm %>


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.