The sheer volume of regulatory change is causing some banks and insurers to creak under the weight of it, according to research from the Institute of Financial Services, Deloitte, HP and Oracle. The research, which was conducted among 62 major financial services groups worldwide and interviewing 105 senior management staff, shows that it is often the small and mid-tier institutions that suffer the most from regulatory change.
While the survey is positive about institutions’ ability to deliver regulatory change according to the timetable that governments and regulators set, there is still a significant burden, especially for smaller institutions. The reason is the inability of many companies to create a single regulatory co-ordination function and therefore their failure to build a strategic technology approach to dealing with the growing burden of regulation.
