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.
50% of respondents ranked responses to changing regulation (e.g. global structural reform) as one of their top 3 change drivers within the next 12 months.*
Financial services institutions should future-proof their operating models to remain compliant as demand for fundamental change continues.
78% of respondents expect compliance to have greater influence over their firms’ strategy, business model and culture.*
Financial services institutions should continually manage and enhance their reputation as corporate citizens and desirable employers.
75% of respondents agree compliance will take more responsibility in driving a firm wide program and cultural change within the next three years.*
Financial pressures mean financial institutions should work to keep compliance costs within reason.
90% of respondents expect compliance spending to increase, but the level of increase is beginning to taper off.*
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:
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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.
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.