EY’s recent survey of 21 European banks found huge appetite to move to a more effective and technology-enabled model. Firms are open to opportunities available from embracing new technology solutions, data-driven approaches, and to adding new skills in technology and data to existing compliance capabilities while retaining core compliance principles.
The survey results also show that banks’ compliance functions, for the most part, still adhere to traditional models of monitoring, surveillance and advisory, with a secondary split by geography.
Commenting on the survey findings, John Clinton, Executive Director, EY Financial Services said:
Over recent years, our surveys of Financial Service Compliance Leaders have pointed to an ambition and intent to harness new ways of working, including digital enablement, to increase effectiveness and efficiency. However, this year’s survey points to an acceleration of this transition as a consequence of COVID-19 – as a combination of both necessity and opportunity.
The survey, which is informed by input from Financial Services firms across Europe – including a number of banks in Ireland – also provided the basis for this recent article by EY’s John Liver, James Lown and Costadina Niedbala, Compliance transformation: how banks can leverage opportunities now.
Key highlights from the survey results include:
For an overview of the compliance transformation survey findings, download our infographic below, and don’t hesitate to reach out if you have a question.