Compliance teams are having a torrid time of it. Regulatory change is happening in such volume and so quickly that teams can be excused for feeling as though they are being asked to run a marathon at the speed of a sprint.
There are too many projects, a scarcity of resources, and key issues that seem unsolvable. And this was before Covid-19 hit the financial services sector, adding on the challenges of compliant home working and pulling together required reporting when processes are manual.
This white paper explores key challenges around regulatory change that compliance teams within financial services are facing today. It then considers a fresh approach to understanding what lies at the core of these issues, and suggests ways in which digital transformation, with its focus on data quality, has a role to play.
It is clear that the way that financial services firms are approaching the challenges created by regulatory change isn’t working, and that a new approach is needed. However, tackling the issues created by regulatory change through digital transformation, opens possibilities for compliance projects to deliver business value in new ways.