The Need for Banks to Manage Compliance More Effectively and Efficiently
While banks have always faced regulatory-driven change, the sheer volume of significant new regulation being introduced has become unmanageable for many. Looking ahead, conditions are set to remain challenging over a long period, especially considering the EU’s MiFID changes that are set to take effect on January 3rd, 2018. This may affect a wide range of functions from trading, transaction reporting and client services to IT and HR systems.
With so much to do and so little time to do it in, banks employing the traditional, mostly manual approach to managing regulatory change will significantly raise their delivery risk and leave potential synergies unexploited, leading to increased costs. This approach is not sustainable if companies want to survive in the “new normal.”
In order to survive, banks need to gain a better understanding of the available solutions to manage regulations that are being offered by technology companies. These solutions can automate the linkage between regulations, policies and standards with underlying controls, highlighting areas of exposure and enabling banks to navigate change with confidence.
In a recent article by Bain & Co., Matthias Memminger highlights how the availability of this technology should be a welcome sign to banks. This is because of the failure of banks to create an efficient approach to compliance by utilizing their own legacy systems and GRC organization. They estimate that GRC costs account for 15%-20% of the total cost base of most major banks. And GRC demand accounts for approximately 40% of the costs for current projects.
With Greenlight’s solutions, you can proactively manage regulatory compliance and satisfy new and changing demands from regulators while cutting those costs. You can also:
- Centralize the disparate landscape of regulatory requirements, acting as a single authoritative source for alerts and requirements intake
- Eliminate silos and enable standardization across regulatory mandates
- Integrate regulatory requirements with internal control activities and operations
- Strengthen your controls posture with automation and exception-based monitoring across IT systems and business applications
- Accelerate response to audits and ad-hoc requests from auditors
Learn how leading banking organizations are effectively managing regulatory change, assessing the business impact and mitigating compliance risk. Click here to view the on-demand webinar How Leading Banking Organizations Navigate Regulatory Changes with Confidence.