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A New Technology-Driven Compliance Operating Model for Banks

Publisher IDC
Published Mar 03, 2022
Length 9 Pages
SKU # IDC17015902

Description

A New Technology-Driven Compliance Operating Model for Banks

This IDC Perspective reviews the components, or building blocks, of a technology-driven compliance model. Designing a technology-driven compliance operating model is not an easy task. National, regional, and global banks struggle to put together the individual building blocks of the model, each of which has its own specific characteristics. These blocks must be put in place to achieve a scalable, agile, and efficient compliance function that minimizes risks while supporting business in building a truly positive customer experience. There are several new strategic considerations to be made by banks. One building block is to rapidly develop ecosystems and partnerships. These, however, may pose additional third-party risks. This building block must be carefully incorporated into the operating model. Several technologies are not fully mature. Each technology and vendor should be carefully evaluated and assessed for its impact on the model. "Banks should properly evaluate the options given by regulatory technologies to build efficient compliance operating models." — Associate Research Director George Briford, IDC Financial Insights

Please Note: Extended description available upon request.

Table of Contents

9 Pages
Executive Snapshot
Situation Overview
Challenges
The Building Blocks of the Technology-Based Compliance Operating Model
Compliance Strategy
Advice, Prevention, and Risk Mitigation
Technology, Data, Digitalization, and Infrastructure
Compliance Risk Management
Regulatory Requirements and Standards
Data Collection
Hypothesis Generation and Analytics
Reporting
Organization and Structure
Ecosystems and Partnerships
Training and Staffing
The Technology Stack in Compliance
Know Your Customer and Customer Due Diligence
Identity and Management Control
Transaction Monitoring and Anti-Money Laundering
Compliance Tracking and Reporting
General
Advice for the Technology Buyer
Learn More
Related Research
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