Compliance has become a strategic and executive-level imperative for financial services organizations. Capturing data to meet regulatory requirements in reporting, risk management, and compliance is timely, expensive and challenging because it requires gathering, enhancing, and reporting the required data from multiple data sources.
Thomson Reuters’ sixth annual “Cost of Compliance” study was just released this past month, and it reveals that the following are increasing this year and show no signs of stopping:
- Regulatory fatigue: 70 percent of firms expect regulators to publish even more regulations in the next year. Many firms are required to address both domestic and international regulatory requirements and have trouble keeping up with the growing volume of compliance pressures and the frequency of regulatory change.
- Resource staffing challenges: Senior compliance professionals are difficult to find and expensive to employ.
- Compliance budgets
- Personal liability on compliance officers: They’re even more exposed to scrutiny, accountability and face record fines for non-compliance.
- Senior leadership involvement: It’s also becoming a hot topic in board rooms as senior executives must step in to correct non-compliance and put together strategies and enterprise-wide systems and strategies to prevent further sanctions and meet new rules.
With the increased importance and scrutiny, it’s more important than ever that these investments pay off. The report suggests further that senior leaders “ensure a culture of transparency, trust and adaptive-change in behaviors throughout firms” and “begin to think through how they can help their firm to ‘future proof’ changes made, and in turn get the very best value out of their investment made into systems, technology and personnel.”
How can you do this?
Our experts are positioned to assist leading financial services firms to implement strategic and structural technology and data management processes to meet the new rules and drive tangible business benefits from these projects.
Rather than structure your data project as a tactical approach to meet regulatory requirements, join our webinar with CEB TowerGroup, “Leveraging Data to Meet Regulatory Requirements and Create Competitive Advantage” to learn how your data investment can drive
- True cost savings,
- Fine avoidance,
- Revenue creation, and
- Competitive advantage.
June 16th at 1:00 ET
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Firms often address these data challenges as one-off projects with the objective of complying with a single regulation rather than improving risk management overall.
Our experts understand the current regulatory, compliance and anti-money laundering issues that financial institutions are facing. We know the pros and cons of a tactical versus strategic approach to meeting regulatory requirements, specifically around data governance.
In this webinar, Perficient’s team of risk and compliance experts and CEB TowerGroup analyst Andrew Schmidt will present their experienced point of view on current regulatory compliance and anti-money laundering issues that financial institutions are facing, the pros and cons of tactical versus strategic approaches to meeting regulatory requirements, specifically around data governance, and examples of how financial services firms can leverage data governance to drive compliance as well as competitive advantage.
Our presenters will be:
Andy Schmidt, Research Director, Commercial Banking & Payments
Andy Schmidt is a Research Director in CEB TowerGroup’s Commercial Banking & Payments practice. He focuses on trends and developments in the payments back office, including payments hubs, mobile payments, service-oriented architecture, payments convergence, standards, and anti-money laundering. Andy has 20 years of experience in the financial services industry as both a banker and a consultant.
Andy joined the Commercial Banking & Payments practice after nearly four years with CEB TowerGroup’s Specialized Advisory Group, where he was a manager focusing on the payments industry. Projects he led include estimating the size of the global check-imaging market and performing an in-depth analysis of debit usage in the Nordic retail banking market.
Mark Broomfield, Director, Financial Services Practice at Perficient, Inc.
Mark is a financial services industry leader with expertise in the banking, cash management, insurance, and asset management industries. He has more than 25 years of experience in leading and managing large-scale operations and technology initiatives including managing global operation and technology groups, program and project management, strategy, systems development, implementation, change management, and support.