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The REGTECH Book
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The REGTECH Book

by Janos Barberis, Douglas W. Arner, Ross P. Buckley
August 2019
Intermediate to advanced content levelIntermediate to advanced
392 pages
14h 11m
English
Wiley
Content preview from The REGTECH Book

Technology-Enabled Collaborative Compliance

By Zeeshan Rashid

Global Head − BF SI Risk and Compliance Practice,Tata Consultancy Services Ltd

The tsunami of regulations that started from the financial crisis does not seem to have ceased, and the cost of non-compliance has become prohibitive. The quantum of fines that banks have had to pay over the past three to five years suggests that setting aside provisions will not suffice: non-compliance hits the top line and the bottom line directly. No wonder up to 70% of management’s time is spent on managing compliance, which in any realm of the imagination is unacceptable.

The key challenges faced by the industry in managing compliance are the following:

  • Ever-increasing volume. New regulations just keep on coming. The Trump administration has said that for every new regulation introduced two old regulations have to go away. With the increasing complexity of businesses and risks, it is easier said than done. With Brexit, hundreds of laws and regulations will have to be drafted by the United Kingdom once it officially leaves the European Union.
  • Rising personal liability. There seems to be a direct correlation between the rise in regulations and the personal liability of compliance officers.
  • Growing staffing challenges. An immediate reaction to the rise of regulations is to hire more people to deal with them. There are two problems with this. First, skilled compliance personnel are always in short supply; second, hiring in a large number ...
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Publisher Resources

ISBN: 9781119362142Purchase book