A new report published on Monday by Aite Group shows that compliance demands are on the up and that, for most institutions, there is significant pressure on resources as a result. Many banks have been prompted to look toward technology to enable them to do more with less resources, which they have found difficult, it finds.
"Creating an effective compliance program is a highly customised process - every bank needs to think through its blend of products, processes, customers, geographies and technology to determine where the major risks are, and how they should be addressed," says Eva Weber, analyst at Aite Group and author of the report. "But it is clear from this survey that firms are almost universally struggling with resource constraints and rising workloads."
The report, entitled 'Retail Banking Compliance Survey: A Reality Check', provides insights into the daily challenges faced by compliance professionals and addresses compliance trends, budgets and staffing, as well as various aspects of compliance technology. The report findings are based on a survey of heads of retail banking compliance at 17 banks, including 16 of the top 150 banks ranked by assets and one community bank.