With banks struggling under higher costs, mergers and acquisitions, more competitive environments, increasing sophistication in the ease of doing business, intelligence, agility and speed to keep up with the evolving technology-based solutions and customer preferences, they are faced with a raft of increasing legislative and regulatory compliance requirements, and managing these is both a necessity and an opportunity to thrive, writes Adedayo...
According to Managing Director, DataPro Limited, a frontline Compliance Consulting, Abimbola Adeseyoju, RegTech, or Regulatory Technology, is the use of technology to facilitate the delivery of regulatory requirements.
For example, banks gain the ability to evaluate risks in real time by embedding big data and risk analytics into revenue-generating activities. Deploying big data and other alternative data source approaches bolsters compliance and supports specific end purposes.” A big question on the minds of analysts is managing the cost of compliance. The cost of compliance is not to be overlooked. When asked recently to rank the cost of adhering to regulations, surveyed banks identified the following as particularly significant drains on resources: Stress tests — 78 per cent say the cost of compliance is “very high or high”. Capital requirements — 62 per cent say the cost of compliance is “very high or high”.
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