One of the major outcomes created by the financial crisis has undoubtedly been the marked rise in regulatory scrutiny, coupled with an increase in regulators taking action against firms falling short of the required standards. For the banking industry, this has resulted in global regulatory fines of around $321 billion being imposed over the last decade, according to research from the Boston Consulting Group1. Significant regulatory changes have already come into force, including the introduction of Dodd-Frank in the US and MiFID II in Europe, with the number of rule changes needing to be tracked by institutions having more than tripled since 2011 to an average of 200 revisions per day.
Non-compliance is therefore not an option, with many in the capital markets having turned to technology in a bid to help meet their obligations. But with compliance taking up an increasingly large portion of overall budgets, the capital markets community is now seeking greater returns from their investment in regulatory technology and how it can transform their wider business for the better.
In this report, Nicola Tavendale and Mike O’Hara of The Realization Group speak to Tom Davin of SIIA’s FISD, Jordan & Jordan’s Barry Raskin, Frank Piasecki of ACTIV Financial Systems, DTCC’s Mark Akass, Yousaf Hafeez of BT and other senior industry executives, about how regulation technology providers can meet changing customer demands and provide solutions which not only aid compliance, but also enable technology innovation through the client’s broader business.