This webcast aired on November 12, 2019.
CPE Credit(s): 1
It started with call centers, human resource management, such as payroll and training, followed by IT and the cloud and now…compliance? Is the compliance department the next function that starts outsourcing its time and labor-intensive processes to a third-party vendor?
Many arguments are in favor for this to become a new trend with a global following. The reasons are simple; low interest rates and increased competition from fintechs squeeze margins, the latter also forces banks to reevaluate how they structure their cost centers better (compliance being one of them) and invest in new IT to meet new services and product demands, particularly from the emerging millennials, while at the same time looking for new talent in an scarce market. The continuously evolving financial regulations add to the fatigue financial institutions feel in responding to new requirements. Throwing more people and money at the problem is no sustainable solution.
Compliance Business Process Outsourcing could be the solution. Find out why EQUIFAX and FICO have joined forces and why they feel this could be a solution for any size financial institution to deal with rising costs, legacy IT, and overburdened compliance departments.
- Claudia Haberland, Partner – Strategic Alliances & Business Development - FICO
- Frank Holzenthal, Global Head of Presales & Marketing Compliance Solutions - FICO
- Stephen Spizuoco, GM Financial Crimes Business Unit and Vice President, Brokerage Vertical Leader - Equifax