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:
As the 2021 deadline for switching off LIBOR approaches, transitioning to risk-free rates (RFR) represents a critical, complex challenge for financial institutions. Yet, according to our 2019 LIBOR Survey only 20% of these businesses believe they are prepared for the change. Our skilled, dedicated global team can help you build actionable solutions to transition as smoothly as possible.
The business’s compliance need is growing while its compliance budget is under pressure to shrink: This is the circumstance described by chief compliance officers surveyed for Accenture’s 2019 Compliance Risk Study. Seventy-one percent face cost reduction targets. Yet, more than one in three (35 percent) say business growth is the most important driver of transformation in the compliance function. Talent concerns, such as higher-than-expected unmanaged employee attrition, add a third dimension to the challenge.
How can the compliance function lower costs, retain talent and keep pace with fast-changing demands?
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.
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.