Regulatory technology and compliance management solutions
The demand for compliance management solutions has seen an increase in recent years. Besides the intent to streamline compliance processes, it’s a strategic move for banks to use regulatory technology to leverage their business operations.
According to EY, “Regulatory technology is empowering organizations with the tools required to drive efficiency and sustainability in their regulatory compliance functions.”
When looking for a compliance management solution at first, many options may appear like the perfect tool to address regulatory requirements in an automated way.
There are many compliance management software options, but before even starting to look at features, it’s crucial to define what you concretely need. Turns out, besides dealing with regulations, like MiFID II or FinSA, you may need a fully integrated compliance software instead. A compliance management system might be different from an AML software and from a Governance and risk management compliance software (GRC Software). So what is a compliance management software?