In a disrupted world, new market trends have shakenup traditional ways of doing business in financial services. Increased levels of complexity, ongoing regulation requirements and the rise of disruptive players like RegTechs and FinTechs have placed pressure on organisations to get compliance management right, or risk being left behind.
In response to the evolving regulatory landscape, TAS, a leading technology partner for financial services organisations, recently launched a first-of-its kind Compliance Index. The Index canvasses the state of play, opportunities and challenges that compliance management presents in modern organisations, drawing upon survey responses from key business executives in financial services.
The Index found that 76 per cent of companies are increasing spend on compliance year-on-year, andover half of companies are adopting Cloud as part of their compliance and risk management strategy. With compliance management top of mind for the industry, organisations must evolve practices to meet heightened risk and regulatory pressures head-on.