Financial Crime and Compliance (FCC) can seem like an arms race: The more sophisticated white-collar crime becomes, the more elaborate the regulations get. It makes complying fully with the law quite a challenge — even within the most ethical of organizations.
Chief compliance officers face mounting pressures. Among those surveyed for Accenture’s 2019 Compliance Risk Study, 71% said they are facing cost reduction targets. Yet, 35% 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.
A lot is at stake as banks and other financial institutions struggle to meet these challenges while continuously fighting financial crimes. Crimes which come with heavy penalties — not to mention the loss of an organization’s valuable reputation.
The evolving regulations in the financial sector call for a compliance operating model that can adapt to any situation, which is difficult for institutions to manage globally. That’s why they’re turning to managed services for support.
Service providers like Accenture offer solutions and tools that create a flexible operating model by integrating intelligent technologies into Anti-Money Laundering (AML) and Know Your Customer (KYC) processes as well as fraud management and chargeback activities.
In addition to providing these services and tools, we aim to help clients evolve the compliance function into “Compliance 2.0,” a state that brings together in one team talent that is digitally fluent, analytical and proactive in delivering risk management insights. With, an upgraded compliance function, employees can focus not only on evading disaster, but also on delivering value.
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Of Chief Compliance Officers say they are facing cost reduction targets.
Say business growth is the most important driver of transformation in compliance.
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Perhaps that’s why in the newly released Everest Group’s FCC Operations Services PEAK MatrixTM Assessment and Service Provider Landscape for 2020, Accenture has been recognized as a leader in the field.
The Everest Group, a consulting and research firm focused on strategic IT, business services and sourcing, recognized Accenture as a leader in the “Vision & Capability” and “Market Impact” categories.
The Vision & Capability axis of the matrix measures vision and strategy, scope of services offered, innovation and investments, and delivery footprint. The Market Impact axis measures market adoption, portfolio mix and value delivered.
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The report noted the following in their analysis of Accenture:
- “Accenture, with its well-rounded capabilities in the financial crime and compliance operations, consulting legacy, and robust digital capabilities is strongly positioned in the FCC space."
- “Accenture has been investing to enhance its digital capabilities within multiple partnerships and acquisitions. It has recently opened innovation hubs in Seattle and Atlanta to facilitate innovation between clients and Accenture teams to create and scale digital products.”
- “It has partnered with Quantexa, a data analytics firm, to enhance its data analytics-as-a-service platform, Financial Crime Analytics Utility. The collaboration will develop AI-enabled solutions to address business challenges in the financial crime area.”
Everest Group also noted that the demand for operational outsourcing in this space is growing at a fast pace. North America remains the largest buyer geography for FCC operations by revenue.
Accenture’s Compliance offering keeps evolving to meet client needs amidst constant regulatory changes.
And as we like to say, pressure yields clarity. Leaders are more motivated than ever to lead the charge to Compliance 2.0.
If you have any questions about the Everest Group report’s findings — or if you’d like to explore how to transform your compliance function — feel free to reach me via email at firstname.lastname@example.org or LinkedIn.