Tag Archives: compliance

Innovating Business Through Data: Part 8 – Digital Compliance

Part 8: Digital Compliance

This new series focuses on how Machine Learning, Natural Language Processing, and Robotic Process Automation are changing the face of business. Each post contain a specific use case, the business value derived, and the technology synopsis to achieve the outcome. Continue reading Innovating Business Through Data: Part 8 – Digital Compliance

Opportunities Across Financial Services Critical Compliance Areas

Although Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulations have been around for some time, firms still struggle with effectively operationalizing their organizations in a manner which is both regulatory compliant, as well as customer-friendly. Continue reading Opportunities Across Financial Services Critical Compliance Areas

BCBS 239: Next Steps on the Road to Compliance

In January 2015, the Basel Committee released and published the results of a second self-assessment by the Global Systematically Important Banks (G-SIBs) in adopting the BCBS 239 principles. In that report and in my last post, I noted that 46% of the G-SIBs stated they would not be fully compliant with all 11 Principles by the 2016 deadline. This was up from 33% as reported in the first self-assessment in December 2013.

Continue reading BCBS 239: Next Steps on the Road to Compliance

The 14 Principles of BCBS 239

One of the key lessons learned from the financial crisis of 2008 was that banks’ information technology (IT) and data architectures were truly inadequate to support the broad management of financial risks. Many banks lacked the ability to aggregate risk exposures and identify concentrations quickly and accurately at the bank group level, across lines of business and between legal entities. Several were unable to manage their risks properly because of weak risk data aggregation capabilities and risk reporting practices. In the end, it led to severe consequences for the banks and, unfortunately, the global financial system as a whole Continue reading The 14 Principles of BCBS 239

New Blog Series: How Compliance is Costing Financial Services Organizations

The Financial Services industry has faced significant operational and business performance challenges over the past 10 years, especially since the near-collapse of the global financial system in 2008. That event led not only to the government-mandated sale of Bear Stearns and the outright bankruptcy of Lehman Brothers, but also to an unprecedented wave of rigorous regulatory mandates.  While they may be well-founded, the mandates have come with soaring costs and have been the most significant contributing factor to Return on Equity (ROE) ratios, which now stand at 50% of their historical levels. Continue reading New Blog Series: How Compliance is Costing Financial Services Organizations