Mitigating Compliance Pain Points For Financial Institutions

Financial organizations of every size are struggling to meet current and emerging compliance challenges. This highly-regulated industry faces strict and constantlyevolving rules that put pressure not only on compliance and risk officers, but the entire business, to comply with each requirement. Adding to the challenge is the fact that compliance is often seen as a cost center rather than a revenue generator, so companies are sometimes reluctant to dedicate more money or personnel to it. Financial businesses are driven by data, and if they fail to comply with a regulation, from the Payment Card Industry Data Security Standard (PCI DSS) to the General Data Protection Regulation (GDPR), the costs and reputational risk can be enormous. For example, some firms that have run afoul of the GDPR have incurred fines of more than $100 million.Financial organizations of every size are struggling to meet current and emerging compliance challenges. This highly-regulated industry faces strict and constantlyevolving rules that put pressure not only on compliance and risk officers, but the entire business, to comply with each requirement. Adding to the challenge is the fact that compliance is often seen as a cost center rather than a revenue generator, so companies are sometimes reluctant to dedicate more money or personnel to it. Financial businesses are driven by data, and if they fail to comply with a regulation, from the Payment Card Industry Data Security Standard (PCI DSS) to the General Data Protection Regulation (GDPR), the costs and reputational risk can be enormous. For example, some firms that have run afoul of the GDPR have incurred fines of more than $100 million.

 

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