There is an increasing gap between the scale of the compliance task within the financial services industry and the skilled resource available to discharge it, exacerbated by current economic conditions, increasing regulatory demands and downward pressure on resource budgets. Whilst high-end compliance advice and judgment is rarely IT-dependent, regulators are also beginning to demand that compliance risks are dealt with using risk management methodologies, and viewed and managed consistently throughout complex organisations.
Compliance often drowns in data but lacks information. This demands the deployment of smart technology solutions within the compliance function to improve the transparency of control activities and compliance risks, and to enable compliance leaders to work with senior management in managing risk and compliance resource on a more dynamic, consistent and efficient basis.
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