Getting regulatory compliance right is a necessity for financial institutions today, because getting it wrong is a punishingly expensive mistake. Just as fintech has been rapidly embraced by the industry due to its many proven benefits, the new kid on the technology block, regtech, is set to blaze its own innovation trail, disrupting the old ways of doing things in a bid to cut costs.
In the US, strict and costly regulations in the aftermath of the financial crisis were applied with a broad brush, to large financial institutions capable of creating systemic catastrophe and to community banks with risks tied only to the communities they faithfully serve. Now is the time to strengthen the best of the financial system, its community banks.
The financial sector is ruthlessly competitive, and failing to fully meet regulations can mean the difference between success and failure in any given year of business. Banks have learnt from past errors and are changing how they are structured to solve operational and technical challenges whilst enhancing value.
Banks and other financial institutions entered 2017 facing an increasingly daunting framework of anti-money-laundering (AML) laws and regulations. During the past several years, regulatory agencies have been aggressively stepping up their enforcement actions, and they’ve levied huge fines for compliance failures.
Following a period of political turmoil and uncertainty in the UK, the new prime minister, Theresa May, has taken a stand on her views for business reform. She has vowed to enforce worker representatives on boards as part of her vision of “putting people back in control”.
Cloud computing is expected to be one of the fastest growing technology areas in the coming years with business applications likely becoming the biggest market for cloud-services spending.
United Kingdom businesses have been shrouded in uncertainty from the moment the European Union (EU) referendum was scheduled, and this has undoubtedly remained the case following the vote itself. The UK’s decision to leave the EU is still dominating the news headlines, and with different figures, statistics and industry opinions hitting businesses from every
Each day, thousands of a bank’s clients will perform financial transactions: making deposits, withdrawals, moving money between bank accounts, etc. Banks must also perform certain daily calculations that are required as part of regulatory compliance, including monitoring assets and reporting key metrics.