Realcomm published an advisory article by Revital Gilad, “Leveraging Compliance Initiatives, How Heavily Regulated Industries Are Staying Competitive” in the June 7, 2016 issue of their newsletter. This article was based on case study from one of the ten largest banks in the United States.
For this bank, with nearly 1,300 office locations across the US, a lack of accessible information throughout their organization was increasing risk and precluded adequate benchmarking or measuring Key Performance Indicators (KPIs). They have used BearTracks on an enterprise scale for tracking and accountability, for reporting and analytics, and for operational efficiency control. BearTracks enabled them to meet their compliance goals and save significant amounts of money.
Many organizations today face unprecedented challenges in managing risks and complying with an increasing number of laws, regulations and internal policies in a cost-effective and competitive manner.
Regulatory compliance has undoubtedly affected banks in a variety of challenging ways, increasing the cost of service and sometimes making the delivery of great customer experiences more difficult. However, as the regulatory environment evolves, we see a major opportunity for the compliance function to get ahead of the curve. Companies can implement targeted changes to its operating model and processes, and thus deliver a better quality of oversight while at the same time increasing its efficiency.
Any heavily regulated industry that successfully makes this shift will enjoy a distinctive source of competitive advantage in the foreseeable future, being able to deliver better service and reduce structural cost, while lowering operational risk.