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Compliance and How Much It Cost You!

Do you believe someone is actually measuring how much it costs to comply with all the new regulations.

BCI stands for Bank Compliance Index, a quarterly evaluation system created by financial experts at Continuity (formerly Continuity Control), a New Haven, Conn.-based provider of automated compliance solutions, to track the incremental burden on financial institutions of keeping up with regulatory changes. The number 1.35 represents the number of employees needed to address just the new regulations issued during the first three months of 2015.

“In real terms, Perdue said the BCI was calculated by measuring specific variables within the financial compliance realm. In this case, the 1.35 ranking is drawn from the efforts it would take to respond to the 61 new regulatory items issued during first quarter that comprised an aggregate 1,605 pages. At an estimated 331 hours necessary to address the regulations, multiplied by an average salary-and-benefits rate of $44.22 per hour for employees involved throughout the entire process, the financial cost of responding to new regulations would be $30,998 per institution for first-quarter activity.”

Read the complete report at; Webinar Discusses Hot Compliance Climate

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