Waves of regulations are keeping financial services institutions on their toes. Costs for compliance are high, and financial institutions should frequently restructure to keep in compliance and future-proof the enterprise. Most institutions struggle to balance compliance and operating concerns with their need to craft a strong reputation as a desirable employer and good corporate citizen.
Several themes underlie the need for change in regulatory and compliance programs according to senior financial services compliance executives surveyed by Accenture:
Continuing waves of regulation are driving significant compliance cost increases.
Financial services institutions should future-proof their operating models to remain compliant as demand for fundamental change continues.
Financial services institutions should continually manage and enhance their reputation as corporate citizens and desirable employers.
Financial pressures mean financial institutions should work to keep compliance costs within reason.
Accenture’s regulatory remediation and compliance transformation capabilities can help financial services firms across the four dimensions of regulation, restructuring, reputation and cost reduction. We help financial institutions with:
Helping firms meet regulations, both around the corner and across the globe acquisition integration
Helping businesses adapt to changing stakeholder expectations
Helping to drive lasting outcomes for financial institutions by integrating our unique, offshore delivery capability
We offer several solutions for supporting regulatory remediation and compliance transformation. These include:
Accenture’s 2018 Compliance Risk Study has revealed that companies may be hindering their growth by overly focusing on current risks instead of taking a proactive approach to managing the risks that are now coming to the fore, such as the proliferation of virtual currencies and new concerns about corporate conduct.
In this volatile risk ecosystem, the idea of phasing development across a multi-year roadmap is challenged by the need for continuous improvement in-line with industry transformations. Change is no longer optional. To succeed, industry leaders should lead with innovation, configuring their operating model, technology and talent strategies to establish Compliance 2020 and beyond. Download our latest study to learn more.
See why financial firms may need to focus their approach and better define compliance.
Financial services institutions have spent considerable funds over the years on initiatives related to regulatory compliance, but major events continue to affect their reputation and profitability. In most cases, proper surveillance and early notification of improper and/or illegal activities could either have prevented the events from taking place or could have greatly limited their scope and the damage inflicted.
Financial services institutions may need a new approach to address regulations and regulatory reform. The sheer size and scope of regulatory change means that interim measures may no longer suffice; instead, financial institutions may wish to initiate a robust and sustainable regulatory change management model.
Accenture Regulatory Compliance Platform
For firms seeking future-oriented, active compliance, Accenture’s Regulatory Compliance Platform (ARCP) may be the answer. The platform helps deliver cost efficiency and supports growth by offering integrated, responsive technology, agile processes and scalable shared services support.