CAPABILITY
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THE REGULATORY AND
COMPLIANCE CHALLENGE
COMPLIANCE CHALLENGE
Four priorities drive regulatory and compliance programs.
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:
Regulation
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.*
Restructuring
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.*
Reputation
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.*
Cost effectiveness
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.*
HOW CAN
ACCENTURE HELP
Building a responsive strategy and lasting implementation with global perspective
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:
Global and local integration:
Helping firms meet regulations, both around the corner and across the globe acquisition integration
Responsiveness:
Helping businesses adapt to changing stakeholder expectations
Sustainability:
Helping to drive lasting outcomes for financial institutions by integrating our unique, offshore delivery capability
Services offered
We offer several solutions for supporting regulatory remediation and compliance transformation. These include:
Compliance Transformation
- Surveillance
- Strategy and Target Operating Model
- Governance, Risk, Compliance
- Management Information and Performance Management
- Operations Strategy
- Regulatory Change Management
- Risk Management
- Compliance Labs and Technology
- Digital Compliance
Regulatory Remediation
- Compliance and Financial Crime Regulations
- Conduct Regulations
- Front Office Regulations
- Insurance Regulations
- Prudential Regulations
- Structural Regulations
- Regulatory Reporting
- Third Party Risk Management
2017 COMPLIANCE
RISK STUDY
Sustaining compliance through continuous innovation
The compliance function has grown in stature, with a majority of compliance leaders reporting to either the Board or the CEO. But the function cannot rest on its laurels, given dramatic increases in compliance's scale of responsibility and growing complexity in the risk ecosystem.
Innovation can help the compliance function survive and thrive. See how compliance leaders are daring to be different—innovating to drive their function into the future.
TOP OF
MIND
Anticipating today’s and tomorrow’s needs
See why financial firms may need to focus their approach and better define compliance.
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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.
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Surveillance
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.
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Regulatory Change
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.
LATEST
THINKING
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Regulatory Compliance: Automated Digital Assistant
Accenture’s Regulatory and Compliance Automated Digital Assistant identifies an employee using facial recognition and provides them real-time access to a compliance knowledge base. -
Unlocking the Power of RegTech
Compliance functions are encouraged to identify innovative technologies to deliver on the dual mandate of control function and strategic advisor. -
A holistic approach to communications surveillance and compliance
Banks seek to prevent financial misconduct by using new integrated surveillance tools. -
Regulatory change management: Responding to complex bank regulations
Banks look to regulatory change management to address issues related to regulatory reform. -
MiFID II: Turning regulatory challenges into business opportunities
The changes brought about by the Markets in Financial Instruments Directive II (MiFID II) and Markets in Financial Instruments Regulations (MiFIR), can have operational and revenue effects on investment firms. -
Getting surveillance right: Protecting bank's reputation and profitability
Banks can protect their reputation and profitability by implementing an effective, integrated and proactive surveillance function. -
A comprehensive approach to managing insurance finance and risk reporting
Insurance firms should consider an integrated framework for dealing with increasing finance and risk reporting requirements. -
Stress Testing in the US, UK and the Eurozone: A Market Primer
Stress testing regimes in the United States, United Kingdom and Eurozone mean new regulatory requirements and changes for risk management and banking. -
The technology challenges to implementing MiFID II
Banks can work to master their technology capabilities to meet MiFID II compliance requirements. -
The rise of Global Standards and how insurers can comply
As new regulations provide structure for global insurers, how can insurers comply? -
2015 Compliance risk study: Be the disruptor, not the disrupted
The 2015 Compliance Risk Study suggests compliance has retained its position as a critical control function for financial institutions. -
Accenture 2015 Global Structural Reform Study: Unlocking the potential
A survey of global financial institutions suggests shifting to a strategic response. -
Liquidity coverage ratio: Implications and a pragmatic approach to implementation
Accenture recommends banks categorize and deal with Liquidity Coverage Ratio implementation challenges in four distinct phases. -
Consumer protection: Areas of concern for banks
Read this Accenture report to learn the four key characteristics of successful consumer protection programs. -
Dodd-Frank for foreign banks—New rules of the road
Read the potential implications for FBO’s following the formulation of the proposed prudential standards as set out by Dodd-Frank. -
Risk aggregation and reporting— more than just a data issue
Read how the Basel Committee’s “Principles for effective risk data aggregation and risk reporting” can enhance banks’ ability to identify and manage risks. -
Basel III RWA optimization—Going beyond compliance
In the post-financial crisis environment, the global banking industry faces a number of difficult challenges. -
Compliance’s seat at the table—hard to earn, hard to retain
Compliance risk management has reached a critical juncture in its evolution toward becoming a control function.
Regulatory Insights Blog
Learn about recent regulatory changes impacting financial services firms.
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