By Maciej Piechocki, Member of the RegTech Management Board, BearingPoint / published in "International Banker", Summer 2018

The financial crisis was a catalyst for the creation of new supervisory authorities and a steady stream of new regulations forcing financial institutions to spend billions on technology and operations for regulatory compliance. Now, 10 years after the crisis, four years since the establishment of the Single Supervisory Mechanism in Europe, and with Basel IV at the gates, the frequency of change and the introduction of new requirements remain high, and many stakeholders are dissatisfied with the status quo. Financial institutions bemoan the high cost of compliance, and regulators are unsatisfied with data quality and the level of transparency.

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