USING ADVANCED TECHNOLOGY IS A MAJOR ASSET FOR FINANCIAL INSTITUTIONS THAT MUST REMAIN IN COMPLIANCE WITH REGULATIONS

 

In the current regulatory environment, financial institutions must meet increasingly stringent requirements to remain compliant with the AML (anti-money laundering) compliance program.
It requires being highly efficient, having talented human resources and it generates ever-increasing costs over the years.

First, the constant evolution of threats and tactics related to financial crime is increasing as technology improves.

Regulatory expectations have become international, requiring financial institutions to adopt and enforce thorough and consistent rules, with new standards constantly emerging. This increases the expenses related to the fight against fraud.
It is certainly essential to have a broad view of the financial situation relative to the crime.
But the difficulty of meeting a constantly updated regulatory standard requires the ability to produce huge data reports and therefore to surround oneself with unfailing expertise in this field.
This raises the question of how to limit the costs involved. These expenses have increased by 50% over the last three years.
The issue is also how to best keep “top talents” in a sustainable way. Because these are the ones who, thanks to their expertise, will save you time and money.
These experts will be able to monitor your financial transactions and will have detailed knowledge of your customers.

Secondly, it should be noted that the third greatest threat to financial companies is cybercrime, according to AXA’s 2017 risk barometer.

A cyber attack can cost millions to be reversed.
An internal audit is essential for data security.
The digital era forces us to change our business model and exercise exhaustive control, to be more efficient in less time. In this new model, teleworking is crucial: It’s a new way of working that is less time-consuming and less costly for the company.
The best way to find your experts is to use a collaborative platform such as Live Consulting.

Finally, how can you make sure you get the most appropriate technology for your needs? What return on investment can you expect?

Live Consulting allows you to reduce your costs (reduce your investments by pooling costs), to have the best professional experts in the field of finance capable of securing your transactions (your transfers and sharing of data that go through the cloud and are stored in big data) and to have a thorough knowledge of your clients. And because we are constantly on the lookout, you can anticipate new requirements in terms of internal security.
Live Consulting brings the latest technology to you while revolutionizing corporate culture.
By limiting your risks, you can increase your credibility with your clients, remain hyper-competitive and be part of a working model that combines excellence and well-being.

In the face of the rise of technological attacks, nothing beats the new business model of the collaborative platform.