"In today’s world, compliance without technology to support it is ineffective and costly — a small error of oversight can have catastrophic effects if regulatory breaches cannot be prevented,” observes Susanne Chishti CEO of FINTECH Circle in The Regtech Book.
Compliance requirements and accompanying costs have over the years been a thorn in the flesh for firms such as banks which face scores of regulations from multiple supervisory authorities. It has been made more complex by the granularity of data to be reported. During the Covid-19 pandemic, companies’ revenues have shrunk. However, compliance requirements have either remained the same or, in some instances, intensified.
