How is technology transforming regulation and compliance? Partner and Head of FinTech and AltFi, Jon Segal, discusses FinTech and RegTech solutions for financial services companies in Compliance Week.
Over the past few years, increased regulatory scrutiny, enforcement, and governance requirements within the European Union have prompted companies to dig deep and hike their compliance budgets.
While previously these increased costs have been associated with increased headcount, IT consultancy Accenture’s 2018 “Compliance Risk Study” found that this is no longer the case globally: Compliance technology transformation is the top spending priority for respondents, both over the next 12 months (57 percent) and within the next three years (51 percent) as compliance functions move toward deploying technology rather than adding more people to fulfil their mandate.
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