Compliance processes are currently very slow and not efficient because…
... compliance activities are based on extensive manual work and therefore subject to operational risks
... regulatory analysis and tracking operations are highly time-consuming and require huge resources
... continuous delays in sharing regulatory changes awareness to the interested parties cause emerging legal, operational and reputational risks
... strict constraints to comply need to be often faced to avoid sanctions and contain risks
In particular, these problems are related to the fact that …
... the update of legal inventory and regulatory requirements which affects the financial institution is entirely manual
... the internal management of the alerting about the regulatory updates of interest is slow and not accurate enough
... the first impact analysis steals precious time to the following steps of the compliance process
All these elements do not allow compliance professionals to dedicate enough resources and time to activities with high human added value, that are…
... Risk Assessment, Gap Analysis and Compliance Plan update
... Reporting and process owners triggering
