Increasing Cost of Regulatory Compliance
- Today, the cost of managing the regulatory environment represents more than 10 percent of all operational spending and 5-15% of staff recruitment of major banks, for a total of $270 billion per year
- March of new financial regulations still continues across the globe. 300 million pages of regulatory documents will be published by 2020 and over 600 legislative initiatives need to be catalogued by a medium sized sell-side institution in order to have a holistic view of their rulebook.
- Additional operating costs continue to crop up from the implementation of new regulatory obligations, such as new reporting and model requirements and tighter rules on compliance
Huge Fines for Non-Compliance
Scrutiny around compliance is rapidly increasing as regulators look to ensure that companies are putting policies and procedures in place to effectively respond to and mitigate risk. The most obvious consequence of non-compliance is the huge monetary penalties and fines that can occur because of misconduct or poor audit and assurance management.
The Solution: iXPRT Platform
AuditXPRT’s iXPRT Platform is an Artificial Intelligence (AI) solution to automate regulatory compliance assurance iXPRT Platform can process unstructured data in the form of text and numbers using unique machine learning and natural processing algorithms. It’s simple and intuitive user interface has been specifically designed for compliance officers and auditors and flexible and scalable architecture ensures that it can be used for compliance and audit assurance against any regulatory standard.