It should surprise no one that today’s corporations generate a lot of data. And they will continue to do so at an increasing rate: From 2020 to 2022, the amount of data the average enterprise stores more than doubled, from one petabyte to roughly 2.022 petabytes. That’s over 100% growth in just two years.Financial services […]
Ransomware is becoming a growing problem, and not just for larger organizations. As modern encryption methods become more sophisticated, so do ransomware scams. These threaten encryption of vital data unless a fine or “ransom” is paid. Would-be ransomers are now targeting “mid-market” organizations, hoping that these have fewer resources to detect, repel, or recover from […]
Each year, countries pass new data privacy laws, each with their own regulations and requirements. For companies that do business in America, the picture is even more stark. Four states already have data privacy laws on the books, with an additional 15 states with bills in active consideration, and 14 that have proposed at least […]
If there’s one industry where consumer trust leads to success, it’s in the financial services industry. But when researchers look at the data on customer trust with financial institutions, the picture gets muddy. It seems that customer trust is high, but eroding. A mix of demographic changes and industry disruption is, in effect, “shifting the […]
Financial services firms have recognized digital transformation as a means to ensure compliance with regulators. Due to expanded offerings from RegTech firms, transforming how financial service firms manage their regulated data has never been easier. Financial services firms will continue to increase investments into RegTech firms that offer data management transformation, back-office automation, modern technologies, […]
“Digitalization is not confined to the banking industry, of course. But it has already left a strong imprint on banks, and all signs point to even more sweeping changes ahead.” Andrea Enria, chair of the Supervisory Board of the European Central Bank, September 2021 The RegTech industry had a banner year in 2021, as the […]
The route to successful compliance with persistent regulatory flux can be complex and costly. Conversely, non-compliance has been cited as being 2.71 times more costly and riddled with missed business opportunities. Financial Institutions (FIs) know that a robust compliance infrastructure is increasingly critical for ensuring ongoing success. Yet for FIs, finding the right path forward […]
Last month we touched upon Regulatory Relationship Management (RRM) as a framework used to satisfy regulators and their regulatory requirements. Here, we point to the next steps forward by addressing the challenges and impacts of non-compliance and providing you with thoughts on assessing your current compliance state—finishing off with actionable remedies to avert non-compliance. “The […]
Meeting compliance goals through Regulatory Relationship Management (RRM) FrameworkRRM stands for Regulatory Relationship Management. To understand RRM, let’s start with something more familiar to you, such as Customer Relationship Management (CRM). Probably when you think CRM, Salesforce comes to mind.CRMs such as Salesforce align your business model to your customer relationships. The goal of CRM […]
For the financial services industry and global economy, COVID created unprecedented disruptions that ultimately required financial businesses to change pace. Although global markets and businesses are now on the path to recovery, these firms are still challenged with heightened risk and uncertainty. As we enter the second half of 2021, our team has identified areas […]