Regulation is prevalent in many sectors, but it especially affects the banking, financial services, and insurance (BFSI) markets. Regulators worried about issues including operational resilience and cybersecurity are putting more pressure on these companies to monitor and manage myriad facets of their operations.
Compliance is daunting for many BFSI companies in this fast-moving regulatory setting. They must race to achieve compliance with each new regulatory update, and then constantly monitor their operations to ensure they remain compliant.
To make matters worse, companies in this sector must innovate as they struggle to compete in an increasingly competitive market. This creates tension between compliance teams and business teams when compliance processes cannot keep up with the need for fast development and deployment. Digital transformation demands speed. How can financial companies balance the two competing forces?