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Volume 31, Issue 1

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Friday, 02 March 2018 15:51

The Real Return On Risk And Compliance Technologies

The Value of Big Data

When it comes to regulated industries, few are more highly regulated than banking and financial services. The regulatory landscape is rapidly changing, and as a result, regulatory technology (regtech) has emerged to help banks keep pace with competitors. While the combination of regulation and technology to solve business problems is not new, it is proving more essential than ever as regulatory obligations become more complex. As a result, regtech is already proving its worth by helping banks find more efficient and effective ways to manage their compliance obligations.
In financial services, risk culture is changing from one that reacts to regulatory changes to a proactive one, seeking to create new value for the bank and its customers. There’s no reason why revenue and profit goals must conflict with sound compliance and risk management policies. Technology can play a role in enabling banks to have both.

Artificial intelligence (AI) and other technologies such as analytics are not only helping banks comply with laws and regulations, but also helping to mitigate the potential for fines and penalties. In fact, these types of technological innovations often encourage employees across the organization’s lines of defense to make compliance their holistic responsibility. This ultimately results in better outcomes for the business, the institution and the customer.