What are the biggest tasks and problems for banks when it comes to compliance? A recent study sheds light on this. It is also about the question of whether state regulations are slowing down the change – or perhaps sometimes promoting it.
What are the most difficult compliance tasks for banks ? One Span, a cyber technology company, asked around. Around 150 executives responded. All survey participants work at global financial institutions with total assets of more than $100 billion.
According to this, the biggest problem facing compliance departments is reducing or preventing cyber attacks and fraud (53 percent). Not far behind is the protection of sensitive data (47 percent). Third: Keeping pace with changes in consumer privacy laws and industry regulations (41 percent).
This is followed by the establishment of a roadmap for technology that meets the requirements of compliance and the control of compliance costs (each 28 percent). Managers see meeting accountability requirements (22 percent) or resource budget constraints (20 percent) as the easiest exercise for compliance departments.
In addition, 48 percent of executives agreed that government regulations would slow down digitization. On the other hand, it is precisely these rules that are driving change: almost half of the companies represented in the survey are introducing digital identity checks and biometric processes in order to comply with the applicable laws.
In fact, when it comes to cryptocurrency regulation, bank executives are happy about regulation: 67 percent thought that cryptocurrency laws make it more attractive for banks to participate in the market.