Is your organization struggling with the rising costs of managing risk and compliance? You’re not the only one. There are countless other organizations, especially companies in the financial service sector, that are facing very similar challenges.
Some interesting findings by various research institutes highlight this very issue:
- The budget required for making changes related to regulations has increased by more than 60% since the financial crisis.
- About 40% more banks each year are spending over 5% of their income on compliance costs, and this trend is expected to continue.
- Almost 80% of all compliance costs come from staff-related expenses.
Within Eraneos, we’ve developed a solution that helps clients significantly reduce the manual operational costs of handling operational risks and ensuring compliance. While this method is primarily developed for the financial services sector, it can also be used in other heavily regulated industries.
In this whitepaper, we will share our insights and experience to guide you through this process.
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