Staff alone cannot solve today’s compliance challenges. The solution lies in transformative technology that enables a shift in the focus of compliance staff from that of information gatherers to information analysers. It is time for a paradigm shift in the financial services industry and in the way regulatory compliance departments operate.
To address these challenges and achieve sustainable compliance requires achieving four goals:
- Implementing a cognitive-based solution for regulatory analytics that automates the assessment of regulations and helps accelerate the understanding of its impact.
- Creating a regulatory repository that clearly links to the control framework within the business and compares it to industry standards or third-party best practices.
- Creating a platform that supports ongoing management and remediation of controls and the efficient management of regulatory change.
- Developing advanced reporting and analytics to support a readily available view of compliance standing.