What if an easy-to-deploy solution could increase the efficiency and effectiveness of your firm’s financial compliance processes, while reducing the associated costs? Sounds too good to be true? FX-MM’s Eleanor Hill explains why it’s time to start believing in the power of RegTech.
Let’s face it, compliance has never been sexy. But it is a growing area of focus for all financial services firms – and there’s a very good reason why: rising costs. According to the Institute of International Finance (IIF), a large universal bank can now expect its annual cost of compliance to be in the region of $1bn. While that figure may include fines for regulatory breaches or failures, a significant proportion can be attributed to headcount. Estimates from BBVA suggest that FIs now dedicate 10-15% of their workforce to compliance.