Sibos 2017: Meeting the Compliance Imperative

Each year, the #Sibos conference addresses significant forces that are impacting our financial community. As we gather in Toronto this October, compliance will once again be front and center as a disruptive challenge—one we must face now and for the foreseeable future.

Since the crisis a decade ago, regulatory fines have increased along with the phenomenal rate of change and expanded scope of related mandates. McKinsey pundits confirm that banks who adapt best have enjoyed distinct competitive advantage. Importantly, proactive compliance management can allow financial institutions to free funds for strategic projects—such as improving operational efficiency ratios or enhancing the customer journey.

So, what’s the best way for banks to remain in compliance, proactively?

I invite you to meet with an Appian executive at Sibos to explore a digital platform approach for achieving your compliance goals.

Meeting the Strategic Compliance Imperative

From KYC to AML, PSD2 to GDPR, to annual CCAR, compliance presents a strategic challenge for your institution, one where digital technology is an imperative. Typically organized by product lines or built from mergers and acquisitions, most banks have data residing in silos and legacy systems. This presents significant barriers for compliance.

This is precisely why a digital platform overlay approach can help your bank achieve an actionable One Risk view for holistic compliance. An approach that can help you master rapidly changing regulatory demands, including managing CCAR more effectively.

Case in point—in the European Union, the entire concept around banking is about to change with the introduction of the Revised Payment Service Directive (PSD2). Banks are asked to tackle the burden of developing technical solutions to create the necessary APIs. As difficult as this may appear at first when viewed through a technology lens, by deploying Appian, The Digital Transformation Platform™, banks can transform critical processes and “open up” to stay in lock-step compliance.

Digital Compliance Supports Customer Centricity

Banks need to address the challenges pertaining to data governance and effective policy management as well. With an integrated digital platform, banks can accelerate data breach investigations and “right to erasure” requests. With the right platform, banks can transform GDPR requirements into core strength required to target and launch customer-centric offerings.

By deploying an information portal on Appian, one global firm’s compliance officers were enabled to access data across all silo’ed divisions. The product teams launch new share classes in 7-10 days and the bank has reduced significant time in reporting. The result? The bank met its compliance requirements while delivering personalized service.

As forward thinking bankers, you are most likely focused on redesigning the customer experience or increasing investments in new business model innovation. Explore a digital platform strategy that let’s you accomplish that, while also assuring your governance, risk, and compliance demands are being met.

I invite you to check out the Appian Compliance Guide and let’s plan to meet at Sibos to discuss digital strategies enabling compliance.

I look forward to seeing you in Toronto.

Michael Heffner

Vice President, Global Banking and Capital Markets

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