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*2018 Update* Compliance Challenges in Financial Services

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Be prepared to meet compliance requirements in an ever-changing regulatory environment.

Since the 2008 financial crisis, regulators have been implementing new and complex regulatory requirements around the world. Today, organizations across the financial services sector are still challenged with heightened regulations and a constantly changing regulatory environment.

Complying with regulatory requirements is often time-consuming, complex and expensive. But the consequences of non-compliance are far more costly, and not just in terms of fines – organizations also face significant damage to their brand reputation.

Download this infographic to learn how you can be prepared to meet the stringent compliance needs in your industry.

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*2018 Update* Compliance Challenges in Financial Services

  1. 1. FOR SOURCES, VIEW THE ONLINE VERSION OF THIS INFOGRAPHIC AT NETDIMENSIONS.COM THE CHALLENGES OF STAYING COMPLIANT IN TODAY’S CHANGING REGULATORY ENVIRONMENT COMPLIANCE CHALLENGES IN FINANCIAL SERVICES THE COST OF NON-COMPLIANCE $321B £230M $51M 20YRS Financial institutions have paid $321 billion in fines since the 2008 crisis. That’s over 200updates a day! In November 2017, a private bank was fined $51M by the Securities and Futures Commission (SFC) of Hong Kong. The fine is the largest ever issued by the SFC. The FCA (UK Financial Conduct Authority) imposed a total of £230 million in fines in 2017 against 13 firms. Under the Sarbanes-Oxley Act, penalties can be upwards of $5 million in fines and 20 years in prison. GROWING REGULATOR PRESSURES There were 8,704 regulatory alerts in 2008. In 2016, there were over 52,500 regulatory alerts. YEARLY REGULATORY UPDATES 2008 20102009 2011 2012 20142013 2015 50,000 2016 52,500 CHANGING BEHAVIOR ›› Since the 2008 financial crisis, regulators have been implementing new and complex regulatory requirements. ›› Huge monetary penalties and fines occur as a result of non-compliance. ›› In 2018, financial institutions should focus on demonstrating sustained compliance with regulatory requirements.
  2. 2. THE CHALLENGES OF STAYING COMPLIANT IN TODAY’S CHANGING REGULATORY ENVIRONMENT COMPLIANCE BE PREPARED ›› Are your training records always ready for inspection? ›› Are you using electronic training records to save time and money? ›› How much time do you need to prepare for an audit? ›› Are your training records in compliance with regulatory requirements? ›› Can you report on specific departments, teams, and employees? CHALLENGES IN FINANCIAL SERVICES 52% 52% of compliance practitioners expect their personal liability to increase in 2017-2018. Only 40% of companies say they are thoroughly prepared for an audit. 40% ARE YOU USING THE RIGHT TECHNOLOGY? While a third of companies are still managing their compliance training manually... 63% are leveraging an LMS to deliver and track their compliance training. 63% MANAGE COMPLIANCE WITH A CENTRALIZED SYSTEM THAT: ›› Accurately records all compliance training for your employees globally. ›› Gives you real-time access to data and sophisticated reporting to satisfy compliance audits. ›› Offers proactive compliance reporting based on job profiles and competencies. WE CAN HELP For more on solving compliance challenges in financial services, get in touch today

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