90% of financial services see rising compliance costs – SteelEye survey finds
Nine in ten financial services firms have reported an increased compliance cost over the past five years, with 10% saying costs have doubled, according to research from RegTech firm SteelEye.
Advanced Record Keeping, Trade Reconstruction and Analytics for Financial Services – SteelEye
Regulatory requirements have not just become onerous but are growing, each piece of legislation large and complex. This has increased the pressure on the compliance function – driving up costs and the demand for skilled staff. However, after growing year on year, budgets need to be justified and understanding where bottom-line costs can be cut is at the top of the agenda.
SteelEye enables you to effortlessly bring together structured and unstructured data from disparate systems and leverage that data for simplified and cost-effective compliance.
SteelEye’s Data Platform consolidates, normalises and indexes your trade, order, communication, market and reference data on a single platform. With all data in one place, record keeping is effortless, trade reconstruction is instant and you can gain new insight into your performance.
The Banking Compliance Insights Podcast Series by Wolters Kluwer
The Banking Compliance Insights podcast series by Wolters Kluwer was created to piece together the sometimes daunting puzzle that is compliance. In today’s ever-changing regulatory and risk environment, we’ve created a weekly series you can come to for guidance in trends and strategies to navigate this new normal.
We invite you to check out our previous podcasts as we’ve discussed how the pandemic has:
• disrupted banking operations
• transformed the way customers are served
• raised new concerns around #financial and individual security
• pushed us to understand the CARESAct better and strategically
LISTEN to the FULL episodes NOW!
Key Insights: 2020 True Cost of Financial Crime Compliance Study
The total projected cost of financial crime compliance is 33% higher in 2020 across the United States and Canada. Listen to industry expert, Daniel Wager, provide insights from the LexisNexis® Risk Solutions 2020 True Cost of Compliance Study.
Three major challenges for compliance in the financial industry
There are three major challenges for Compliance Officers in the financial industry nowadays:
1. Suspected Activity Reports (SAR) related to money laundering are going through the roof.
2. Banks, insurance companies and financial service providers need to manage a flood of new laws and regulations.
3. Often Compliance is insufficiently automated.
The video shows how Compliance Officers can manage these tasks.