Learn how you can tackle the stringent compliance needs in Financial Services. Since the 2008 financial crisis, regulators have been implementing new and complex regulatory requirements around the world. Organizations across the financial services sector including banks, insurance firms, and asset management companies are constantly faced with heightened regulations and a changing regulatory environment. Complying with regulatory requirements is time consuming, complex and expensive, but the consequences of non-compliance are far more costly -- not just in terms of fines and loss of brand reputation -- for any company, especially across the financial services industry.

1. The cost of non-compliance
Growing regulatory
pressures
That’s one every
12 minutes!
THE CHALLENGES OF STAYING COMPLIANT IN TODAY'S CHANGING REGULATORY ENVIRONMENT
in Financial Services
Challenges
Compliance
Changing
behavior:
» Since the 2008 financial crisis,
regulators have been implementing
new and complex regulatory
requirements.
» Huge monetary penalties and
fines occurs as a result of
non-compliance.
» Regulations, procedures, and
internal corporate policies are
constantly evolving. Employees
need to be educated every day.5
In 2014, banks in the U.S. and
Europe paid nearly $65 billion in
penalties and fines, which is about
40% greater than in 2013.1
The FCA (UK Financial Conduct
Authority) imposed a total of £905
million in fines in 2015 against 39
firms.2
$65B £905M
In June 2015, a bank in the US
was fined $185 million for failing
to comply with rules intended to
protect client assets.3
There were 8,704 regulatory alerts in
2008. In 2015, there have been over
50,000 regulatory alerts.6
Under Sarbanes-Oxley penalties
can be upwards of $5 million in
fines and 20 years in prison.4
$185M 20
0
10,000
20,000
30,000
40,000
50,000
60,000
2008 2009 2010 2011 2012 2013 2014 2015
Yearly regulatory updates

2. THE CHALLENGES OF STAYING COMPLIANT IN TODAY'S CHANGING REGULATORY ENVIRONMENT
of organizations have
policies in place but think
that employees don't
understand / follow them.
They don't know for sure
if they are even read.7
auditing / monitoring is
the most costly aspect
of organizations’
compliance programs.8
Reputation is Important…
www.NetDimensions.com
in Financial Services
Challenges
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?
REFERENCES
1. http://www.wsj.com/articles/no-more-regulatory-nice-guy-for-banks-1419957394
2. http://www.fca.org.uk/firms/being-regulated/enforcement/fines/2015-fines
3. http://www.nytimes.com
4. http://www.sarbanes-oxley-101.com/SOX-906.htm
5. https://risk.thomsonreuters.com/sites/default/files/Whitepaper_A_Culture_of_Compliance.pdf
6. https://www2.deloitte.com/content/dam/Deloitte/xe/Documents/finance/me_fa_financial-crime-mena-2016.PDF
7. https://www.complianceinsider.com/issue-18/research/statistics-compliance-poli
8. https://www.complianceinsider.com/issue-20/research/statistics-compliance-compliance-budget-883493
9. Brandon Hall Group, Compliance, 2014
67%
#1
Accurately records all compliance training for your
employees globally.
Gives you real-time access to data and sophisticated
reporting to satisfy compliance audits.
Offers pro-active compliance reporting based on job
profiles & competencies.
Manage compliance
with a centralized
system that:
Are you using the
right technology?
OF COMPANIES USE A LEARNING
MANAGEMENT SYSTEM (LMS) FOR
COMPLIANCE AND REGULATORY
TRAINING.9
47%