All over the world, regulations have been implemented to protect economies, especially following the major recession 10 years ago. But unfortunately they have not always been executed in concert, leading to costly regulatory fragmentation. Banks have been particularly hard hit by the costs of compliance to misaligned regulation, with resources being drained away from more productive areas. But there are ways to mend these divergences, starting with cooperation between regulators.
What a huge advance it is that the financial sector now has robots to relieve the ever-growing pressure of regulation. Almost everyone handling or processing personal data now faces vastly increased compliance requirements once the European Union’s General Data Protection Regulation
Without regulations, digitalisation is not feasible. New rules and laws are a headache for banks and increase the administrative burden while reducing client satisfaction. But they also create transparency and openness, which can lead to new and improved financial services. The challenge is how to provide new services in a customer-centric way. Regtech may be the solution.
An ounce of prevention is worth a pound of cure, particularly in the sphere of AML-compliance in the banking industry. Yes, it is costly to establish an effective AML-control structure, but non-compliance costs can be much more taxing—so how do financial firms institute cultures of compliance throughout their operations that ultimately minimize risks to all parties involved and increase enterprise value?
Faced with a tightening regulatory environment in recent years, banks and other financial services companies have reacted by adding resources to Compliance teams as a signal to regulators that serious work is being done to ensure the bank is compliant with all relevant laws.
A bank’s underlying culture determines how its staff handles pressures and challenges, ordinary and extra-ordinary. As the aftereffects of the Brexit vote impact London’s banks, each bank’s culture should be refined so that employees do the “right thing” while achieving desired results, building a robust business in even the most volatile environment.
The European Commission’s General Data Protection Regulation (GDPR) comes into effect on May 25, 2018, and will regulate how businesses collect and process the personal data of all European Union (EU) residents.
For banking and financial institution executives – and for their investors – 2016 has begun on a sour note. From the largest money center banks to small local institutions, double-digit earnings declines were commonplace in the first quarter, as
In this world nothing can be said to be certain, except death and taxes.” If Benjamin Franklin were alive in today’s post-financial crisis world, he might have added “compliance” to his statement.
21 March, Bangalore. Banking Decision Sciences pioneer iCreate today announced its plans to deliver enhanced enterprise information management capability to…