Challenge
Compliance has emerged as the main focus area for financial firms, and any lapses are severely penalized.

Regulators expect financial firms to efficiently manage risk and demonstrate that they have the systems, processes, and controls in place to do so.

However, financial firms struggle with siloed systems, disjointed workflows, and frequent human intervention—impeding the repeatability and effectiveness of the compliance processes and overall framework.

TCS solution
Global financial firms faced comprehensive, multi-jurisdictional regulation, which is why compliance heads need to ensure that:

• Their organization is fully compliant to applicable regulation at all times
• They can demonstrate all compliance to regulators effectively
• They have clearly defined plans for achieving compliance in currently non-compliant areas
• The impact of any regulatory change to the compliance ecosystem is known and acted upon in time

These instances can be best addressed with TCS Enterprise Regulatory Compliance Management Framework (ERCMF), which offers an end-to-end structured approach to streamline compliance and reduce costs.

It tracks relevant regulation, assesses their impact, evaluates related system-level changes, digitizes and automates compliance workflows, and manages examinations and audits.

Benefits

• Improve compliance
• Reduce compliance costs
• Risk mitigation
• Enhance coordination
• Facilitate informed, quicker decisions