The statistics about the increasing burden of regulatory compliance within the global financial services industry are mind boggling. The long and the short of it is that the volume of regulation is growing exponentially. It should come as no surprise then that the cost of compliance is also growing at a rapid rate. On top of all that, the fines handed out by regulators for getting it wrong are also reaching an alarming level.
I've never worked in or with a bank that deliberately chose not to meet its obligations. Given that, you may well ask "Why do banks get this wrong so often?" Well it's simple. This stuff is complex and even with the best intentions it can still go pear shaped.
So what to do? I've been doing this long enough to know that there is no silver bullet, there is no panacea. However, there is something that banks can use to support and augment their approaches. That something is IBM Watson
Spend a few minutes watching this video. It's simple and to the point.
