The Thomson Reuters^® Regulatory Intelligence survey and report Fintech, RegTech, and the role of compliance in 2023  explores the way in which firms are addressing the deployment and management of technology solutions.

The report points out that digital transformation is a continuum, with many benefits but also some challenges along the way.

Global conduct risk and compliance technology provider MyComplianceOffice (MCO) has placed in the Deloitte Technology Fast 50 Ireland for the third consecutive year and won the Scale Up Award.

I recently had the privilege of speaking on the sessionRegTech Adoption – The Way Forward at the 2022 ASIFMA Compliance Asia Conference as part of a panel of industry experts. The conference featured three half-days of info-packed sessions that covered the latest compliance issues and emerging regulatory trends. 

2020 and 2021 have been eventful years, dominated by the COVID-19 pandemic and political and regulatory changes across the globe. In their Cost of Compliance 2021 survey Thomson Reuters researchers asked over 720 global financial services professionals their thoughts on the state of compliance in today’s world. The results highlight the challenges and changes that compliance practitioners in the financial services industry expect to face in the year ahead.

What happens when a software upgrade involves not just a few changes to your existing compliance solution but a move to an entirely new platform? If your compliance vendor is forcing a transition to a brand new system you can expect time and money lost in revamping internal processes and getting up to speed on the technology, along with the increased risk that implementing an untested platform will bring.

Don’t feel pressured to commit to the conversion without significant thought and assessment.  With large scale disruption already on the horizon, it’s an opportune time to take a look at other options in the market to see if there’s another solution that better meets your needs.