Macquarie Group has disclosed in its latest financial results that the group spent $785 million on compliance in the year to 31 March 2022, a 22% increase from the previous year [1]. If this trend continues, the group's compliance spend will pass $900 million in 2023, which would be equal to or even exceed spend on technology for the year. The word "compliance" is mentioned 79 times and "risk management" 230 times in the group's 2022 financial statements, a major increase from a few years ago.
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