Compliance professionals don’t think the Dodd-Frank Wall Street Reform and Consumer Protection Act will lead to a significant increase in compliance spending this year and they expect more money will be allocated to technology rather than education and consulting, according to a new study conducted between March and April by National Regulatory Services (NRS).
Nearly three out of four respondents reported their overall compliance budget for 2011 would be approximately the same as for 2010. The average budget for 2010 was between $50,000 and $75,000 for the firms that responded to the survey. Respondent companies said that they allocated 30% to technology or software, 27.5% to education, 32.8% to consulting and 13.3% to outsourcing services.
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