NG Webinar Series
Compliance of the Future: Control Digitalization
This webinar took place on 15 March 2017. You may watch the recording below.
The banking industry spends $270 billion on the handling of compliance and regulation, mostly by way of employing people to tackle oversight challenges, according to a recent Citibank report. The same report estimates that European and US banks have paid more than $150 billion in litigation and conduct charges since 2011 (Monaco, 2017).
To date, most banks rely on manual processes to implement and monitor controls. This is costly, prone to error and difficult to scale making the practice a serious strategic hurdle for banks. Most bankers report that paperwork and admin take up to 80% of their time and as regulatory pressures continue to grow, it will be highly challenging to stay up to requirements with the current manual processes.
Today’s finance technology brings a fresh value. It can help banks reduce costs, improve controls and operational efficiency and ultimately help deliver valuable customer services. The industry is being defined by digitalization and the need to act is getting stronger every day.
Key learning points from this webinar are:
- As regulatory pressures continue to grow, it will be challenging for banks to stay up to requirements with the current manual processes.
- Fraud grows through digital channels.
- Control digitalization helps banks to reduce costs, improve controls and operational efficiency, prevent fraud before it happens, and enable coordination between three lines of defense.
- Estimated cost saving per control per year is at least 150'000 USD only due to man power automation.
10 control digitalization=1.5 million USD savings per year
30 minutes presentation + 15 minutes Q&A
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NetGuardians CEO & Co-Founder