It is no secret that many financial services firms are struggling to manage the range of both new and enhanced regulatory obligations they are subject to for market abuse surveillance, communications oversight, best execution reporting, and transaction reporting, to name a few.
Over the past year, as entire workforces have migrated to flexible or remote working, it has become increasingly clear that the traditional ways of managing compliance obligations, often in isolation using separate siloed platforms, are no longer sustainable.
According to Matt Smith, CEO, SteelEye, compliance costs are at an all-time high and are now one of the top budget items firms are struggling to contain.
“When making decisions involving compliance, many firms are often prioritising cost over capabilities, which is counterproductive,” said Smith. “It often results in increased risk, lowered control over the compliance process, and higher long-term costs.”
Pathway to Compliance
SteelEye’s new e-book explores five guidelines that will help firms improve how they manage existing and future regulatory requirements.
These five ways are:
Managing Multiple Functions on One Platform
Bringing Together Complex Data Sets
Investing in Technology Built for the Future
Focusing on Data First, Automation Second
Considering the Full Cost of Ownership
“By following these five guidelines, firms can transform how they meet their compliance objectives and beyond, enabling them to be more agile and deliver more value to their key stakeholders,” continued Smith.
To receive a copy of the Five Ways to Comply Smarter with Financial Regulation, please complete the Download Request Form.
Explore other e-books and white papers:
E-BOOK: 5 STEPS TO GREAT COMPLIANCE DATA GOVERNANCE
This e-book explores what firms need to do to improve data governance for enhanced compliance.
SteelEye is a RegTech and data analytics firm that was established to reduce the complexity and cost of financial compliance and enable firms globally to manage their regulatory obligations through a single platform.
SteelEye’s ability to bring together, cleanse, index and analyse structured and unstructured data across all asset classes and communication types enables clients to effortlessly meet their regulatory needs, because when all this data is in one place, compliance becomes both easy and cost-effective. And with everything under one lens, firms also gain fresh insight into their business, helping them improve their efficiency and profitability.
To date, SteelEye has launched solutions for record keeping, trade reconstruction, transaction reporting, trade and communications surveillance, best execution reporting, transaction cost analysis and advanced analytics for regulations including MiFID II, EMIR, Dodd-Frank, SMCR and MAR.