A nonprofit consortium that includes the 100 largest financial institutions in the U.S. released a study this week that says regulatory overlap in the financial services industry could be costing some of the nation's largest banks millions of dollars.
The group met Thursday to discuss the study, titled "Reconciliation of Regulatory Overlap for the Management and Supervision of Operational Risk in U.S. Financial Institutions". While the report didn't specifically address cost savings that could arise from consolidating regulatory projects, members of the Banking Information Technology Secretariat (BITS) consortium said considerable time and effort is wasted rolling out compliance programs as siloed projects rather than coordinated across an enterprise.
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