Chartis Report Outlines Financial Organizations’ Top Global Compliance, Risk and Business Performance Challenges

14 August 2013

Capital adequacy, stress testing & internal risk models among top regulatory pressures; Report says flexible technology key to addressing evolving requirements

Financial organizations across the globe expect capital adequacy requirements tied to Basel III and the Dodd-Frank Act to be a leading source of regulatory pressure as well as stress testing and internal risk models. That’s according to the results of a new survey conducted by Chartis Research and commissioned by Wolters Kluwer Financial Services, a comprehensive provider of risk management, compliance, finance and audit solutions and services.

Respondents to the survey included 86 financial services professionals from a range of practices and functions within financial institutions around the world, who also said credit risk management, financial crime risk management, and operational risk management are among the top areas of focus. The survey results are summarized in “From Compliance to Performance: Leading Practices from Wolters Kluwer Financial Services,” a new research report from Chartis that was co-authored with the company.

The report is centered on effective methods organizations can utilize to balance mounting regulatory and risk management obligations with improving business performance. This includes the use of flexible technology systems that will allow them to more efficiently adapt to changing regulations, enhance data quality and break down operational silos within the organization.

“The fact that the specific requirements within each new rule change are often not finalized until just before the effective date clearly illustrates the need for such flexibility,” said Peyman Mestchian, managing partner at Chartis Research.

“Add to this the fact that regulators are asking organizations for more data than ever before and requiring it be provided even more frequently and such flexibility becomes an absolute necessity,” said Raffi Festekjian, CEO of Wolters Kluwer Financial Services’ Finance, Risk & Compliance business unit.

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