Three main factors, in our view, allow for improvements in the above regime:
Sharing the regulatory burden
Many major banks face similar challenges, so there is potential to be unlocked by active collaboration, open platforms and data exchanges.
Digitization of processes
Management of regulatory requirements is often highly manual and/or Excel based. Modern Governance, Risk and Compliance (GRC) Software allows companies to streamline the management of requirements. Innovative KYC solutions can improve the customer experience considerably.
Recent advances in the technology sector like distributed ledger technology and machine learning are shaking up parts of the financial services industry, but can also revolutionize regulation. With decades of experience working on regulatory driven projects we can help you gain actionable insights into how to leverage modern RegTech approaches in areas like fraud detection, customer interaction, GRC management and risk calculation and reporting.