Regulatory burdens have always been in evidence. However, the landscape has changed greatly in recent years. The banking crisis, Enron et al and increasingly sophisticated, technically savvy and organised fraudsters are all high profile wake-up calls demanding a support network. That comes in the shape of legislation, regulation from professional and overseeing bodies and peer pressure for better practice.
Anti-Money Laundering, KYC, Suitability, FATCA etc mean that brokers, wealth managers and IFAs are exposed to a range of potentially threatening issues. With massive consequences for failure there’s increasing operational effort and expense needed to keep on top. Working practices evolve but, more often than not, they generate increased operational workload. As the burden compounds then you can be sure that the potential penalties for exceptions will also be rising. It’s no surprise that the numbers of compliance-facing staff therefore continue to rise. Against an economic backdrop where efficiency and cost savings are more important than ever this is a recipe for greater overheads with no appreciable return.
This latest Invu white paper examines a selction of issues faced by businesses in the finance sector, in particular the broking and wealth management communities. It’s not exhaustive but it does pick up some of the significant issues faced on a daily basis and some that are on the way. Many of these issues are burdens which IFAs, insurers, mortgage advisors and even accountants in practice face. Whilst setting these out we also identify the role of technology in mitigating them, most notably, of coure, via document based solutions.
Find out what role document solutions can play in mitigating the risks and reducing the day-to-day compliance impact and download the “Wealth Management – the case for eDM” from our resources section at www.invu.net
