We live in a world of ever-growing regulations that Banks have to comply with. Let’s speak why, what and how?
We live in a world of ever-growing regulations that Banks have to comply with. Let’s speak why, what and how?
What and why is this a problem?
1. Cost of Compliance: Banks spend an average of $270 billion per year on #compliance because of inefficiencies.
2. Growing Pain: It is expected that this cost to double by 2022 because regulations keep on changing and data needed for compliance keeps on growing while the methods and technology of compliance have remained the same
3. Fines: #Banks have been fined a staggering $243 billion since the financial crisis, according to a tally, Simply because they are not equipped with the right tools.
How to fix? –
1. Reduce Cost of Compliance: HEXANIKA has one-stop-shop of ready to use Governance, Risk & Compliance #GRCC) Solutions in #GRCMarketplace of on automated data platform.
2. Manage and Build Solutions Automatically and Simplistically: Use Low-Code No-Code #SmartBuild component that can help you build and manage easily with #selfservice UI
3. Reduce Fines: With automation and consolidation, reduce manual intervention and increase the quality of data with 100% automated data transparency.