Le Lézard
Classified in: Science and technology, Business
Subject: SVY

Technology Improves Compliance, But Also Increases Costs


BRENTWOOD, Tenn., March 20, 2018 /PRNewswire/ -- Technology may ease the compliance burden for banks, but it's not driving down compliance budgets, according to Bank Director's 2018 Risk Survey, sponsored by Moss Adams LLP. In fact, 55 percent of the directors, chief executive officers, chief risk officers and senior executives responding to the survey say that the introduction of technology to improve the compliance function has increased the budget. Just 5 percent say that technology has decreased their compliance costs.

These technological solutions?dubbed "regtech"?are widely used in the industry. The majority of respondents indicate that technology is used to comply with the Bank Secrecy Act, vendor management, Know Your Customers rules and the Community Reinvestment Act.

The 2018 Risk Survey was conducted in January 2018, and surveyed 224 chief executive officers, chief risk officers, senior executives and board members of U.S. banks above $250 million in assets to examine their views on the risk landscape for the banking industry, including cybersecurity, credit risk and the impact of rising interest rates.

Cybersecurity remains a top category of concern for executives and directors. "Cybersecurity continues to be the No. 1 threat that keeps bankers up at night," says Al Dominick, CEO of Bank Director. "From year to year in our survey, boards and executives demonstrate a consistent effort to tackle the issue, but it's hard to stay ahead of cybercriminals?and the industry is well aware of this."

Additional findings include:

"Given the disruption in technology, forecasted rate changes and pressure in regulatory compliance, there's a perfect storm brewing in the banking industry that needs to be carefully navigated by both the board and bank management," says Craig Sanders, a partner at survey sponsor Moss Adams.

Full survey results are available online at BankDirector.com and will be featured in the 2nd quarter 2018 issue of Bank Director magazine.

About Bank Director
Since 1991, Bank Director has served as a leading information resource for the directors and officers of financial institutions. Through its print and digital editions of Bank Director magazine, executive-level research, annual conferences and its website, BankDirector.com, Bank Director reaches the leaders of the institutions that comprise America's banking industry. Bank Director is headquartered in Brentwood, Tennessee.

About Moss Adams LLP
With more than 2,600 professionals across 20-plus locations in the West and beyond, Moss Adams provides the world's most innovative companies, including over 500 financial institutions with specialized accounting, tax, and consulting services to help them embrace emerging opportunity. Discover how Moss Adams is bringing more West to Business. For more information about Moss Adams, visit www.mossadams.com/fi.

Contact: Michelle King, chief marketing officer, (615) 777-8465, [email protected]

 

SOURCE Bank Director


These press releases may also interest you

at 04:43
On March 28th, Fosun International Chairman Guo Guangchang said at the 2023 annual results conference, "We are even more clear that we must focus on building sustainable, predictable, and enterprise with stable profit growth. Our core strategy...

at 04:34
WSPN, a global digital payments leader providing transparent, fast, and efficient solutions leveraging distributed ledger technology, has partnered with leading Web3 wallet provider MathWallet to launch StableWallet - a groundbreaking new account...

at 04:10
Storytel's Annual Report and Sustainability Report 2023 is now published and available as a downloadable PDF document on our website.  FNCA Sweden AB is the Company's Certified Adviser. For more information, please contact:Mattias Frithiof, Head of...

at 04:00
The expanded water storage reservoir of the Waterval Islamic Institute in Sandton (Gauteng), South Africa, was...

at 04:00
Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against agilon health, inc. ("agilon" or "the Company") and certain of its officers. Class...

at 03:23
The total number of votes in EQT AB (publ) ("EQT") changed during March 2024 as a result of a conversion of 348,106 class C shares to 348,106 ordinary shares. The conversion was made pursuant to EQT's previous Share Program. The total...



News published on and distributed by: