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Think-tank unravels the transformational impact of embedded compliance for financial leaders

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Removing regulatory barriers with embedded compliance

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by Apiax
| 20/10/2023 09:00:00

JWG, the trusted financial services regulatory intelligence company, has joined forces with Apiax and EY, to introduce their newest research paper, ‘Embedded Compliance Unlocked: Leverage AI-enabled compliance tooling now to be ready for 2025’.

Financial institutions are being urged to enhance their compliance practices, ensuring they manage costs and profits without running into regulatory hurdles. The ongoing demands from regulators, lawmakers, and customers are prompting these institutions to adopt new strategies, embedding compliance controls into their regular daily operations.

Drawing from an array of worldwide sources, this study is underpinned by over 20 interviews involving compliance and business professionals from both sell-side and buy-side sectors, exploring the potential of Embedded Compliance for the financial industry.

This comprehensive white paper highlights the steps financial institutions are taking in their digital transformation. By adopting Embedded Compliance using rule repositories, model-based controls and generative AI approaches, these institutions navigate between regulatory compliance and profit ambitions, ensuring regulatory compliance at every step of the way.

Ralf Huber, Co-Founder of Apiax, commented: “This paper provides an excellent roadmap for Compliance leaders’ digital journey to streamline business controls and reduce regulatory risk by embedding compliance controls into core business processes. Our clients are seeing real Return on Investment on their path towards a fully digital compliance approach.” 

PJ Di Giammarino, Founder of JWG, shared: With more leaders embracing RegTech, the industry can be more agile and efficient. Common models and open source become the reference point for ‘what good looks like’ to the customer and regulator.

David Silverman, Senior Risk and Compliance Executive, said: “This study describes the transition which financial services is undertaking now. Like the car companies in the 70s, we cannot rely on a department to catch the mistakes after the car has been assembled. To have quality at every step, we have to have compliance at every step. It needs to be baked in.” 

The full whitepaper is available for download here.

Read the original article here.