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Compliance: Better Use of Technology is Needed to Check the Rising Costs
Compliance has its benefits, but it’s expensive. A recent study by Accenture found that 23 percent of financial institutions are spending more than 5 percent of their net income on compliance.
The Accenture report also found that:
- 89 percent of financial institutions say that they expect that they will need to pay more for compliance over the next two years
- Compliance departments have frequently not taken advantage of the tools and technologies that can help them leverage their investments
- 51 percent say that cyber risk is one of their top three risk challenges
Steve Culp, senior managing director and global head of Accenture’s Finance and Risk practice, said that “an explosion in digital data, a finite talent pool of compliance professionals to draw from, and a more-complex risk ecosystem are presenting serious cost, resource, and efficiency challenges for compliance… With the cost of maintaining compliance rising and new risks continuing to emerge, it’s imperative that firms find a path to more sustainable compliance costs. Firms should be thinking and investing strategically in terms of advanced technologies that can bring stable, cost-effective solutions that will enhance the function’s performance.”
