While the promulgation of new regulations shows no sign of easing, financial institutions persist in their belief that the compliance challenge will be solved by simply adding more people to their compliance teams.
Currently, financial institutions are perpetuating an outside in approach to applying regulation to their policies. They are manually identifying how regulation affects every policy and procedure.
This approach is inefficient and error prone.
And, most importantly, it is not repeatable or scalable – every time a new regulation is announced, or a change implemented – financial institutions follow the same time consuming, costly manual process.