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Press Release: 1LoD 2018 - Global Benchmarking Survey & Annual Report

1LoD 2018 - Global Benchmarking Survey & Annual Report: The evolution of the front office controls function. Publishing Summer 2018.

Based on the results from our 30-question (86 part) survey answered by twenty of the world’s largest financial institutions, 1Lod 2018 will be the largest and most comprehensive survey ever conducted on the sector. Including in-depth commentary from regulators, practitioners, business heads, an NED, technology experts, a military leader and consultants this will be the seminal report for the front office control sector. It will also feature a directory of the leading technology and service providers.

Below are the results of the first of these 30 questions including our observations. If you’d like to register to receive the whole report, please click here.

How has the mandate of the front office controls function changed in the past 12 months, and how will it change in the future?

1LoD’s comments: Banks further bolster first line

Looking into the next 12 months, 90% of respondents expect the mandate of their front office controls function to continue to expand. Yet it is no secret that recruitment in banks is not happening with the same intensity as it was historically. Therefore, we see this as a clear indicator that whilst banks may not have the appetite to keep adding headcount, the desire to take ownership of risks into the first line continues unabated. Indeed 95% of respondents to our survey expect to make further investment in e-comms surveillance technology over the next 24 months, with 38% describing their investment as significant.

Of the 90%who expect the mandate of their front office controls function to continue to expand, we find 75% expect a “small expansion of the mandate”. Digging deeper into that 75%, it is interesting to note that 20% are tier 1 banks and 55% are tier 2 banks. This is a clear illustration of the build-out phase that most of the smaller banks have embarked on both geographically and internally across businesses and divisions.

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