Aite Group Report On Retail Banking Compliance

A new report from Aite Group, LLC details insights into the daily challenges of compliance professionals, and addresses compliance trends, budgets and staffing, and the various aspects of compliance technology. The report findings are based on a survey of heads

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A new report from Aite Group, LLC details insights into the daily challenges of compliance professionals, and addresses compliance trends, budgets and staffing, and the various aspects of compliance technology.

The report findings are based on a survey of heads of retail banking compliance at 17 banks, including 16 of the top 150 banks ranked by assets and one community bank.

The report shows that compliance demands are clearly rising and that, for most institutions, there is significant pressure on resources. As a result, many banks are looking to technology to help them do more with less.

Compliance managers are thinking through resource allocations to ensure that the most important issues are addressed first. However, meeting current regulatory standards is an exercise in near-constant course correction because state and federal laws are in a perpetual state of flux. Committing the right amount of technology to do the job without literally and figuratively breaking the bank proves difficult.

“Creating an effective compliance program is a highly customised process,” says Eva Weber, analyst at Aite Group and author of this report. “But it is clear from this survey that firms are almost universally struggling with resource constraints and rising workloads.”

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