Saturday, June 15, 2024

98% say cost of compliance has gone up – LexisNexis Risk Solutions | FF News at Sibos 2023

The cost of compliance has gone up according to 98% of financial institutions.

That’s according to David White from LexisNexis Risk Solutions who talks to us at Sibos 2023 about their recent Financial Crime and Compliance report and what it tells us about the cost of compliance in a challenging macroeconomic and regulatory environment.

That 98% figure shows the challenges faced by financial institutions that want to offer an improved digital experience. But there are also opportunities according to White, who says that the adoption of certain technologies could reduce the costs associated with human capital.

From Toronto, we also hear about how adoption of the ISO 20022 standard should result in quality of compliance improving over time.

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