An ingenious approach to regulatory compliance
RegTech, or regulatory technology, presents an incredible opportunity to transform compliance by freeing staff to undertake more value-adding work, lower risks, generate new insights and save organisations billions. In a typical financial services firm, we estimate that 10-12 per cent of staff are dedicated to compliance and the industry spends £250 billion a year on meeting the regulatory burden.
But despite this potential few organisations are seizing the opportunities because they don’t know where to start. It will take bold and ingenious approaches to RegTech to change that.
of financial services leaders recognise the way they manage risk and compliance could be better.
of financial services leaders say their ability to respond rapidly to change will make the difference between success and failure.
of financial services leaders say a legacy mindset is the greatest challenge to adopting RegTech.
*Re-thinking Regulators, PA Consulting, May 2018.
*The Evolution of the Agile Organisation, PA Consulting, September 2018
We can help you overcome the barriers to adopting RegTech and take advantage of the opportunities that exist.