Business transformation goes hand-in-hand with meeting today’s compliance needs, say Rosemary Hartman, F Jacob Cherian, and Suhel Kanuga of CSC Consulting Group.
Today, financial services firms are required by law to embrace multiple, complex regulatory initiatives – Sarbanes-Oxley, Basel II, the USA Patriot Act, to name a few – and are spending tens of millions of dollars to comply. But, spending money just to ensure compliance does not necessarily lead to improved bottom-line performance. The regulatory requirements are broad, and it is clear now that they have significant impact on the business environment.
This article describes emerging transformation undercurrents in the financial services marketplace and why it is critical for firms to ensure that they maximise the value from the capital they are investing in these projects. The authors contend that when compliance is used as a bridge for business transformation, companies will benefit from more efficient operations, better processes, reduced costs and operating risk, and reassured investors.
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