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”.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
At Last, A Glimmer of Hope for Textile, Garment Industry - THISDAYLIVEThe planned intervention of the Central Bank of Nigeria (CBN) in the moribund cotton, textile and garment industry comes as a huge relief to operators and represents the right step in the right direction towards actualising the Economic Recovery and Growth Plan (ERGP) of the current administration although policy consistency remains crucial, writes James Emejo … I don't know if this CBN governor has sense at all. Instead of them addressing what made the texile industry fail in Nigeria they are placing embargo on its importation. Is their power in Nigeria? Is there infrastructure or cheap financing that supports industrialisation?
Source: THISDAY LIVE - 🏆 14. / 51 Read more »
Expert Seeks N300bn Fund for Pharmaceutical Industry - THISDAYLIVEHamid Ayodeji The Managing Director of SKG Pharma Limited, Dr. Okey Akpa, has called on the federal government through the Central Bank of Nigeria, to set up a N300 billion Pharmaceutical Expansion and Export Fund. The fund is expected to provide soft loans to upgrade, improve factories and increase capacity among indigenous drug manufacturing companies. …
Source: THISDAY LIVE - 🏆 14. / 51 Read more »
Why Local Content matters in Nigeria’s oil and gas industry- Jeon - Vanguard News NigeriaShipbuilding has two faces like Janus, the Roman god. On the one hand, it is a high-tech, innovative business which demands the best. On the other hand, it requires hard work, and an intense level of human capital. By understanding this dual nature of shipbuilding, we were able to design a local content programme that delivered opportunities to Nigeria, whilst delivering cutting-edge technology.
Source: vanguardngrnews - 🏆 5. / 75 Read more »
Local Content Key To Nigeria’s Oil , Gas Industry – JeonThe managing director of Samsung Heavy Industries Nigeria (SHIN) Limited, Mr. Jejin Jeon, spoke to select journalists on his company’s accomplishments in the area of local content in Nigeria’s oil and gas sector. FESTUS OKOROMADU presents the excerpts: The managing director of Samsung Heavy Industries Nigeria (SHIN) Limited, Mr. Jejin Jeon, spoke to select […]
Source: LeadershipNGA - 🏆 4. / 77 Read more »
CBN imposes forex restriction on textile imports, unveils measures to revamp industry - Vanguard News NigeriaThe Central Bank of Nigeria (CBN) has imposed foreign exchange restriction on importation of textile and textile materials into the country.
Source: vanguardngrnews - 🏆 5. / 75 Read more »