the state of compliance · 2016-03-01 · sources: ovum, “understanding priorities in financial...

SOURCES: Ovum, “Understanding priorities in Financial Services 2016 IT Spend” Accenture Consulting, “2015 Compliance risk study: Be the disrupter, not the disrupted” Thomson Reuters, “Cost of Compliance” Capgemini Consulting, “Stewarding Data: Why Financial Services Firms Need a Chief Data Officer” Regulators are implementing more stringent requirements in financial services leading to global inconsistency and overlap. Financial institutions need to determine how to comply with the least disruption and cost in the short time frames provided. TWITTER: @Datameer LINKEDIN: linkedin.com/company/datameer The State of Compliance for Financial Services Many regulatory bodies at global and regional levels.* Cost of non-compliance *sampling of regulatory bodies Between 2008 - 2013, banks in the U.S. paid more than $100B in penalties and settlements Global cost from inappropriate conduct and related provisions surpassed $270B from 2009 - 2013 Increased Focus, Change & Risk ⅓ + spend at least a whole day every week tracking & analyzing regulatory change 70% are expecting regulators to publish more regulatory information in the next year, 28% expect significantly more 75% expect managing regulator risk to be significantly or slightly higher in the coming year than it is today 80% believe compliance is significant enough to affect banking business models Compliance requires strong control but 54% lack robust processes to manage data quality THE MAIN REASONS ARE: � expected focus on conduct risk (67%), � greater interest from senior managers and the board (58%) � harsher regulatory penalties/super-sized fines (50%) $ 270B $ 100B 54 % 80% 70% 28% SHARE THIS OCC FINRA FINMA FDIC FCA FRB CBRC BCBS BoE SEC CFTC LEARN MORE

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Page 1: The State of Compliance · 2016-03-01 · SOURCES: Ovum, “Understanding priorities in Financial Services 2016 IT Spend” Accenture Consulting, “2015 Compliance risk study: Be

Regulators are implementing more stringent requirements

in financial services leading to global inconsistency and overlap.

Financial institutions need to determine how to comply with the least disruption and cost in the short time frames provided.

T WI T T ER: @Datameer L I N K ED I N: linkedin.com/company/datameer

The State of Compliance for Financial

Services

Many regulatory bodies at global and regional levels.*

Cost of non-compliance

*sampling of regulatory bodies

Between 2008 - 2013, banks in the U.S. paid more than $100B in penalties and settlements

Global cost from inappropriate conduct and related provisions surpassed $270B from 2009 - 2013

Increased Focus, Change & Risk

⅓ + spend at least a whole day every week tracking & analyzing regulatory change

70% are expecting regulators to publish more regulatory information in the next year, 28% expect significantly more

75% expect managing regulator risk to be significantly or slightly higher in the coming year than it is today

80% believe compliance is significant enough to affect banking business models

Compliance requires strong control but 54% lack robust processes to manage data quality

THE MAIN REASONS ARE: � expected focus on conduct risk (67%), � greater interest from senior managers and the board (58%) � harsher regulatory penalties/super-sized fines (50%)

$ 270B

$ 100B

54%

80%

70%28%