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Real-life revolution: How compliance functions are leveraging innovation to become more aligned, efficient and tech-enabled

Author

Listed:
  • Metz-Galloway, Shelley

    (Managing Director, US Regulatory Compliance Leader, Risk and Compliance, Protiviti, USA)

  • Pearman, Lucy

    (Managing Director and Global Head of Risk Transformation, Protiviti, USA)

Abstract

Financial institutions are among countless organisations in industries worldwide that are pursuing digital transformation initiatives for the betterment of their business and competitive advantage. Within the financial services industry, second line functions are among the many activities leadership are assessing to achieve greater efficiency and overall effectiveness amid heightened competition in an industry that continues to squeeze costs. Now, more than ever, compliance professionals must be ready to protect their firms. As regulatory scrutiny and compliance requirements increase in both scope and scale, the need for future-oriented, well-aligned, efficient and technology-enabled compliance management systems becomes paramount. Outlined in this article are key areas of focus that are critical to building and implementing an innovative, technologyenabled compliance programme effectively, beginning with the overarching strategy and approach.

Suggested Citation

  • Metz-Galloway, Shelley & Pearman, Lucy, 2021. "Real-life revolution: How compliance functions are leveraging innovation to become more aligned, efficient and tech-enabled," Journal of Financial Compliance, Henry Stewart Publications, vol. 5(2), pages 154-161, December.
    • Handle: RePEc:aza:jfc000:y:2021:v:5:i:2:p:154-161
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    More about this item

    Keywords

    Compliance innovation; enabling technology; critical success factors; culture and conduct; infrastructure and investment;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K2 - Law and Economics - - Regulation and Business Law

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