Compliance Risk Management - Easing the Burden
There is an increasing gap between the scale of the compliance task within the financial services industry and the skilled resource available to discharge it, exacerbated by current economic conditions, increasing regulatory demands and downward pressure on resource budgets. Whilst high-end compliance advice and judgment is rarely IT-dependent, regulators are also beginning to demand that compliance risks are dealt with using risk management methodologies, and viewed and managed consistently throughout complex organisations.
Compliance often drowns in data but lacks information. This demands the deployment of smart technology solutions within the compliance function to improve the transparency of control activities and compliance risks, and to enable compliance leaders to work with senior management in managing risk and compliance resource on a more dynamic, consistent and efficient basis.
In a rapidly changing environment, an annual, excel-based risk assessment and compliance plan starts to become obsolete as soon as it is signed-off. We all know that compliance risk isn’t static. Senior compliance managers need tools that will tell them and their senior management what their compliance risk profile is today – not what it was 10 months ago. Further, consultant-driven internal solutions and the few available vendor offerings tend to use rule books as the fundamental building blocks, resulting in the deployment of jurisdiction-specific leviathans which require huge resource and effort to interrogate and maintain, and significant duplication of effort across multiple entities.
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