Recently at the City & Financial RegTech (regulatory technology) Automation and Compliance Forum, held in London earlier this month, it was revealed that banks' various compliance silos had not done any kind of analysis to determine how regulatory technology might assist them in overcoming compliance challenges within their organizations. They shared that they struggle with the ability to survey the new technology in the market as well as that with some financial institutions are not even aware they have compliance issues which there is technology solution that can solve.
"We are spinning our wheels on innovation. We need to get better at articulating the problems we are trying to solve," said one senior compliance officer.
The result is that many financial institutions are operating with an unstructured, scattered and slow approach to technologies which are hindering their ability to reduce the regulatory risks. "We didn't know we had a problem until a vendor showed us a solution" another compliance officer said.
We have found that their compliance initiatives tend to lack dedicated budgets for exploring new technology solutions. They either have to steal budget away from their existing technology programs or must they compete for a piece of the financial institution's innovation fund.
What are your thoughts? Leave me a comment I would be interested to hear what you think.
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