Lower Total Cost of Ownership
- The cost and effort of regulatory compliance continues to be one of the business community’s biggest concerns. According to a Deloitte survey, North American CFOs named burdensome regulation as the second most-serious threat to their businesses, behind only the possibility of a recession. (Deloitte)
- Accenture’s 6th annual compliance risk report — “From Pressure Comes Clarity” and based on a survey of 151 compliance executives at global financial services institutions — found that nearly three-quarters (71%) of financial institutions’ compliance departments are facing a cost reduction target, with nearly two-thirds (64%) of those targeting budget reductions between 10-20% over the next three years.
- The cost of interpreting and removing ambiguity from regulatory rules and the collation of relevant data, were the most commonly referenced costs associated with the current reporting regime. There are also significant costs related to updating systems to deal with new requirements and maintaining and reporting through multiple systems, particularly for firms operating in several jurisdictions. (Thomson Reuters)
Compliance can be a strain on shareholder value. Firms often have a variety of databases, people in multiple locations and fragmentation of their compliance support structure, in addition to expensive outside counsel.
How do you lower the cost of compliance while remaining strategic and forward-thinking? Achieve economies of scale through automation, rationalization and a consolidation of vendor relationships. Conduct an inventory audit and look to create an end-to-end, integrated compliance solution instead of continuing to operate with disparate point solutions or large in-house teams that rely on manual processes. Reduce your TCO and scale your regulatory operations by establishing an efficient workflow through automation technology complemented by a team of subject matter experts.
CSS can help you:
Reallocate in-house resources to more strategic initiatives.
Automate your regulatory workflow and remove manual processes that lead to inefficiencies and increased risks.
Reduce outside counsel costs, remove multiple point solutions and consolidate vendors into an integrated compliance solution.
How a peer reduced TCO:
Facing a constant stream of regulatory change, a global tier 1 asset manager responded to each new regulation with a generalized approach that sought out disparate vendors to respond to each requirement which led to a sub-optimal operating model with redundant process, overlapping technology, multiple vendors and frequent integration with complex overlapping sources of data. By unravelling historical vendor choices and moving to a more strategic, integrated solution and centralized Regulatory Book of Record, the asset manager reduced the total cost of ownership of their global regulatory reporting program.