As the new year begins, I’ve been both reflecting on key milestones Compliance.ai achieved last year and looking ahead to where we will be going in 2019. I am proud of the progress our team made in 2018 to help modernize how compliance teams address risk. Here are some highlights of what Compliance.ai accomplished in 2018.
The global RegTech market continued to mature in 2018, gaining attention from investors, banks and regulatory bodies alike. The industry is expected to grow at an annual rate of 23.5%--increasing from $4.3 billion in 2018 to $12.3 billion by 2023. In a busy year that included some unexpected events, here are our three major takeaways from 2018: The political environment…
Enforcement Actions published in the past 12 months.
Agency regulatory publications over 6 months.
A recent Boston Consulting Group survey stated that the number of regulatory rule changes that banks must track on a daily basis has tripled since 2011, to an average of 200 revisions a day.
Download this white paper to learn more about the challenges financial organizations face in managing regulatory changes. The paper outlines the transformational role that properly implemented AI-driven solutions can play in lowering the burden of regulatory change management for financial services organizations.
American Banks have to keep track of both Federal and State-level Agency rules and updates. The task of tracking down these changes is a tedious and manual process, often taking 20-30% of time each week.
Download this case study to learn more about how Bank of Marin’s compliance team uses the Compliance.ai solution to effectively manage and research regulatory changes relevant to their organization.