Visi Money
TLDR: A new report from AutoRek has found that the majority of banking institutions feel they are ill-equipped to handle further regulatory changes. Of the 500 banks surveyed in the US and UK, 71% said their financial control processes are not robust or flexible enough to accommodate additional regulatory changes. Furthermore, 70% of respondents felt that their data lacks transparency and flexibility for regulatory reporting. Despite these concerns, many institutions still rely on outdated processes and manual tasks to perform reconciliation control. To address these issues, firms are increasingly looking to invest in cloud infrastructure, process automation, and reporting solutions.
The report from AutoRek found that the majority of banking institutions are unprepared to handle further regulatory changes, according to a new report. The survey, which included responses from 500 banks in the US and UK, found that 71% of respondents believe their financial control processes are not robust or flexible enough to accommodate more regulatory change or scrutiny. This is a concerning revelation, as several significant regulatory changes are expected to be implemented in the coming months, such as EMIR Refit and revisions to MiFID II.
