Complying with regulations is evolving into an increasingly complicated, cross-functional endeavour. Other Chief Experience Officer (CXO) roles as well have integral parts to play in the planning and execution of regulatory compliance.
FREMONT, CA: The cost of compliance and risk mitigation over the last decade has discarded almost all discretionary budgets available to firms. Compared to pre-financial crisis expenditure levels, operating costs spent on compliance have augmented by over 60 per cent for retail and corporate banks. Policymakers, regulators, and stakeholders are seeking firms to meet new regulatory conditions and ensure the significance of all that has already been built. These skyrocketing compliance-related expenditure pressures, coupled with low-interest rates, slow economies, and sedentary revenue growth, have not resulted in significant downcast pressure on returns.
Complying with regulations is evolving into an increasingly complicated, cross-functional endeavour. It’s no longer the domain of just the chief compliance officer or chief risk officer. Other Chief Experience Officer (CXO) roles as well have integral parts to play in the planning and execution of regulatory compliance. Many CXOs across organisations are seeking possibilities to substantially enhance regulatory productivity, meeting compliance necessities at lower costs. The emphasis on traditional cost reduction operations has generated some relief, but many CXOs are now skimming at emerging technologies for transformation.
Emerging contemporary technologies, such as blockchain, cognitive computing, and robotic process automation appear to deliver consequential transformative potential in procedures and regulatory productivity. Regulators are also nurturing environments that promote the use of these technologies. However, many associations are blundering to leverage them in the most effective way.
The challenges and alternatives can seem overwhelming. Organizations must involve multiple operations, methodologies, and technologies, and ensure that the technologies utilized are well maintained and don’t introduce unintentional or new risks into the environment.
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