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Transforming information gatherers into information analyzers

Marc Andrews | July 11, 2017

The one constant in every compliance professional’s life today is pages—thousands upon thousands of pages of rules, regulations, and policies that dictate the boundaries of their financial institutions’ behavior.

Whether it’s the Dodd-Frank Act, which spans over 22,000 pages and counting, or MiFID II, which nears 15,000 pages, many compliance officers are drowning under a sea of paper that seems to swell by the day. Faced with this constant onslaught, today’s average compliance professional spends most of his or her day performing time-consuming tasks, such as reading through regulations, determining potential obligations, drafting compliance policies, defining controls, and generating reports.

In addition to the high costs and inefficiency of these manual processes, they are prone to human error and can result in banks missing critical requirements. Most compliance functions struggle to keep up with constantly changing regulations. According to the...

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