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    Four Major Challenges Resulting in Regulatory Costs

    Apac CIO Outlook | Monday, February 22, 2021
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    Being strict is not the worst thing in the world, except that it involves the monitoring and reporting of many manual workloads and error-prone processes, affecting the safety of investors and prevent business risks

    Fremont, CA: An increase in trade regulatory standards has been seen in recent decades. While increasing regulations are intended to protect investors, they eventually lead to higher enforcement costs and manual workloads. Regulators have requested financial institutions to undergo many modernizations of their operations over the past decade, and several companies have struggled with regulatory-driven changes.

    Here are four major issues resulting in regulatory costs:

    New Players in the market

    If they emerge from unexpected sectors, competitions are dynamic, and this could cause confusion and disturbances. The emerging competitions for conventional institutions are new FinTech players, and these newbies widen the business reach but result in increased enforcement scrutiny. This changing risk scenario leads to more legislation being complied with by all market participants and ends with higher enforcement costs.

    Strict Regulations

    Being strict is not the worst thing globally, except that it involves the monitoring and reporting of many manual workloads and error-prone processes. This will affect investors’ safety and prevent business risks, but in terms of spending by FinTech companies, dealing with strict regulations costs heavily.

    Digital Drama

    The customer-friendly UI and the seamless digital workflow lead to high sales through an increased adoption rate, unlike conventional methods. But the expense of the digital transition is plummeting sky-high, forcing many financial institutions to continue to follow traditional approaches that are prone to error.

    Domain Expert Resources

    The system can do little but advise the system, and domain knowledge is needed to anticipate the regulations. Few organizations rely on external researchers for participation in the industry. Many major financial institutions pay hefty sums for consulting analysis and domain knowledge.

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