Other parts of this series:
Does your financial services compliance function need to change? Our Compliance Risk Study suggests it might. Compliance faces multiple challenges, according to the over 150 cross-FS compliance leaders we surveyed, ranging from budget cuts to keeping afloat in a permanent state of disruption.
Accenture believes these times call for a new generation of compliance leader, one prepared to establish a dynamic, high-touch workplace that can spot risks and bad actors sooner.
One of the first challenges facing this next-gen compliance leader is talent. Our study found half of the respondents wrestling with higher employee attrition than expected. Workers who do stick around are, according to industry reports, among the most exhausted professionals in financial services.1 The talent shortage is more than a difficult challenge—left unresolved, it represents a real risk for the compliance function.
The next-gen compliance leader may be able to solve the talent challenge using next-gen solutions, such as a “Human+”2 approach driven by new technologies that boost compliance professionals’ skills and knowledge. Artificial intelligence and natural language processing, for example, can exponentially boost efficiencies in activities such as anti-money laundering screening and regulatory tracking.
Efficiency gains are only a starting point. Having the appropriate technologies can help compliance functions keep pace with changing regulatory expectations. Compliance professionals can, with technology’s help, better understand data flow and transformation, gleaning earlier and better insights to help them guide the business in new areas, such as privacy and third-party regulation.
What better way to support pressured workers than to offer them greater efficiencies and new insights—in effect, making them more talented, multi-skilled and change-ready?
The next-gen compliance leader who deploys the technologies to build this highly skilled, efficient workforce grows the whole compliance function, both within and beyond the financial firm’s walls. Why not take the steps to build out a compliance function that is positioned for the information age now, and well into the future?
- According to the results of a global survey on sleeping patterns in the financial services industry and conducted by eFinancialCareers, 18% of risk compliance and finance people surveyed claim to be “totally exhausted.” Second only to investment banking staff. “These are the most brutal jobs in banking and finance,” eFinancialCareers, January 6, 2019. Access at: https://news.efinancialcareers.com/ca-en/313657/sleep-in-banking
- “Accenture Technology Vision 2019,” Accenture, February 2019. Access at: https://www.accenture.com/us-en/insights/technology/technology-trends-2019