Managing the cost and complexity of financial compliance
Financial institutions in India are dealing with a complex set of compliance challenges that include regional risk vulnerabilities to anti-money laundering (AML) and terrorist financing, newly issued guidelines from the Reserve Bank of India (RBI) to regulate payment aggregators/payment gateways, data residency and additional increased regulatory oversight by RBI Reserve Bank of India (RBI) aimed at improving governance and assurance functions.
Financial institutions need to invest more in technology around areas such as payments security, automated compliance management system, data strategy, cyber risk evaluation etc. to relieve the pressure on compliance teams. Using technology to strengthen internal teams can reduce labour costs, with a positive knock-on effect on profitability.
This roundtable gives the technology leaders an opportunity to discuss regulatory pressures, spending trends and business impact of financial compliance and why investment in technology should be a high priority to reduce business impact and maintain great customer experience.