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Bailey McCann, Opalesque New York: Only 2% of capital markets firms have a fully automated compliance support program. This high level of dependence on manual processes leaves the industry open to errors, gaps in compliance, a lack of agility in reporting during an audit and ultimately the risk of non-compliance, according to a recent survey from Aite Group and Cordium.
"Regtech Realities: Moving from Reactive to Proactive Compliance", explores the evolving needs of capital markets firms in the face of continued regulatory changes. The report assesses the strategic direction and practicalities of compliance, including workflow and resource challenges and how firms prioritize investment in automation.
The survey was conducted with capital markets executives with knowledge of compliance technology spending at 120 financial institutions across the globe.
Despite risks created by manual processes, trends regarding process management and monitoring are particularly telling. In the survey, only 8% of respondents use formal metrics to measure the impact of noncompliance and 43% don't currently measure it at all. Only 4% of firms surveyed feel that they have an entirely strategic approach to regulatory reform and just 2% have fully automated compliance support.
13% of firms are considering introducing such a platform in the next 12 months.
"The industry has been bombarded with a barrage of compliance requirements over the last few years and, as a consequence, ...................... To view our full article Click here
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