{"id":7396,"date":"2017-05-30T07:00:24","date_gmt":"2017-05-30T15:00:24","guid":{"rendered":"http:\/\/formtek.com\/blog\/?p=7396"},"modified":"2017-04-18T08:47:44","modified_gmt":"2017-04-18T16:47:44","slug":"compliance-2","status":"publish","type":"post","link":"https:\/\/formtek.com\/blog\/compliance-2\/","title":{"rendered":"Compliance: Better Use of Technology is Needed to Check the Rising Costs"},"content":{"rendered":"<p>Compliance has its benefits, but it&#8217;s expensive. \u00a0A <a href=\"https:\/\/www.accenture.com\/us-en\/insight-compliance-risk-study-2017-financial-services\">recent study by Accenture<\/a> found that 23 percent of financial institutions are spending more than 5 percent of their net income on compliance.<\/p>\n<p>The Accenture report also found that:<\/p>\n<ul>\n<li>89 percent of financial institutions say that they expect that they will need to pay more for compliance over the next two years<\/li>\n<li>Compliance departments have frequently not taken advantage of the tools and technologies that can help them leverage their investments<\/li>\n<li>51 percent say that cyber risk is one of their top three risk challenges<\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.accenture.com\/us-en\/company-steve-culp\">Steve Culp<\/a>, senior managing director and global head of Accenture\u2019s Finance and Risk practice,<a href=\"https:\/\/newsroom.accenture.com\/news\/compliance-costs-for-financial-institutions-will-continue-to-increase-over-the-next-two-years-driven-by-regulations-and-emerging-risks-according-to-global-accenture-survey-of-executives.htm\"> said that<\/a> &#8220;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&#8230; With the cost of maintaining compliance rising and new risks continuing to emerge, it\u2019s imperative that firms find a path to more sustainable compliance costs. 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The Accenture report also found that: 89 percent of<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/formtek.com\/blog\/compliance-2\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-7396","post","type-post","status-publish","format-standard","hentry","category-compliance"],"_links":{"self":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/posts\/7396","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/comments?post=7396"}],"version-history":[{"count":3,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/posts\/7396\/revisions"}],"predecessor-version":[{"id":7398,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/posts\/7396\/revisions\/7398"}],"wp:attachment":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/media?parent=7396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/categories?post=7396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/tags?post=7396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}