Celent AnalystsJosephine de ChazournesandArin Rayrecently published a report titledInnovation in Compliance Technology: Emerging Themes and VendorSolutions
Regulatory and cost pressures are exposing the limitations of the traditional approach to compliance and forcing banks and other financial institutions to innovate by adopting new technology and operational models.
Key findings include:
- Onslaughtof new regulations andrapidpace of their evolution have increased complexities of compliance operations manifold. The situation is compounded by limited technologycapabilities to deal with of regulatory changes, and the need to analyze growing volumes of data. The result is exploding compliance costs across the board – not only for running regular operations but also from potential reputational damage from heavy fines due to inadequate controls.
- Compliance technology is a wide-ranging theme encompassing technology solutions applied in risk and compliance operations of financial institutions. In thisreportWe discuss four key themes that have the potential to solve many of the challenges in compliance and include discussion on Artificial intelligence and Robotic Process Automation, mutualization in compliance, adoption of the Cloud, and potential of Distributed Ledger Technology.
- An interesting combination ofstart-upRegTech firms and incumbent providers is reshaping the compliance provider landscape, as banks increasingly look to partner rather than invest in in-house technology innovation. In this report, we discuss in detail 11 vendor solutions and their specific use cases, with a good mix of start-ups and incumbents, as well as solutions that fall under the themes we have identified.
