Some paradigm shifts happen right under our noses but we fail to notice! The role of the Compliance Officer in Financial Institutions in one such example.
Since 2008, this role has changed drastically. With the velocity of regulations increasing and the scope widening, this role has become one of the most stressful roles in the FI’s today.
They are under-staffed, there are not enough compliance professionals in the market and regulators are looking closely and dispatching MRA’s!!
However, the old way of working has remained largely unchanged. They still struggle to get information from business, fire-fight on a daily basis and sieve through myriad sources of data to complete an investigation. They still mostly work with MS Excel.
It is high time to empower the Compliance officers in financial institutions. They deserve an enterprise-class SMART solution that knows, learns, automates & communicates.
Empowering compliance officers have clear benefits in:
- Reduction/ elimination of penalties
- Reduced risk
- High productivity leading to better oversight
- Instances where better knowledge can be translated to new revenue streams.