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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

The Power of RegTech to Drive Cultural Change and Enhance Conduct Risk Management Across Banking

By Susanne Chishti1

1CEO and Founder, FINTECH Circle and FINTECH Circle Institute Bestselling Co-Editor of The FinTech Book, The WealthTech Book and The InsurTech Book

The complexity of financial services such as trading activities and the amount of data (both structured and unstructured) involved in trade surveillance, market abuse monitoring, and compliance management overall requires cutting-edge technologies. In today’s world, compliance without technology to support it is ineffective and costly – a small error of oversight can have catastrophic effects if regulatory breaches cannot be prevented.1

Since the financial crisis, the world’s biggest banks have been fined $321 billion, according to data from the Boston Consulting Group (BCG). These fines were the result of numerous failings from money laundering to market manipulation since 2008. Regulatory requirements continue to increase. The number of rule changes that banks must track on a daily basis has tripled since 2011, to an average of 200 revisions a day based on BCG’s report.2

However, senior managers (not only across financial services) continue to fail to set the right tone from the top on business ethics, EY’s ‘Fraud Survey 2017’ found. Of board members or senior managers, 77% said they could justify unethical behaviour to help a business survive, with one in three willing to offer cash payments to win or retain business. ...

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Publisher Resources

ISBN: 9781119362142Purchase book