I can only surmise that the reason for this is that Financial Institutions are growing tired of hearing about the ever changing regulatory landscape and the fines that have been handed out by regulators, and want to hear more about solutions, best practice and how their peers are already dealing with these issues.
Because I spend most of my working day talking to the heads of financial crime and compliance, trading and operations in many of the major trade and commodity financing banks, trading companies and insurance groups around the world, I have built a very clear picture of the types of regulatory exposures that clients face in the areas of Maritime transportation & supply chains, how they currently deal with these issues, and most importantly, what they need going forward.
"RegTech" is the trendy buzzword to describe, quite simply, the advances being made in regulatory technology & systems that are starting to transform the ways that FIs keep pace with the ever changing and ever more complex regulatory landscape.
Technology is making great strides in these areas and can now make a very complex set of issues and procedures simple. Our solution, for example, automates our clients’ compliance procedures and generates a full report and audit trail that demonstrates their best efforts to comply with regulations. It does in seconds what used to take our clients hours, even days.
It is clear that the “cost of compliance is the price of doing business in today's markets", and most professionals I speak to do not expect this to change any time soon. If you’re interested in learning more about how technology is already solving financial institutions’ compliance challenges, get in touch; I’d be pleased to discuss this fascinating and ever-evolving field with you.