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Compliance operating model – Rethink the way you deliver compliance services

Marc Lehmann Operational Excellence Leader Banking & FMI, PwC Switzerland 27 Feb 2020

Introduction

Do you remember our insight paper Future of compliance: Not sleeping at night? There, we introduced three areas to consider when evolving compliance: People, Technology and Operating Model.

Are you interested to know how to transform your Compliance Operating Model into the future? If yes, then you are at the right place to continue reading.

Start by assessing your current situation

The first step you have to take is to assess your existing Compliance Operating Model by comparing it against a proven Compliance Capability Model along multiple dimensions. This will results in a heat map of effectiveness and efficiency improvements which highlights missing or insufficient capabilities as well as redundancies and potential overlaps.

But it is not enough to only know the health status of your model. You also need to understand current market developments. Today’s business models are increasingly built on digital platforms, which are centered around client demand. Technology evolution and the rise of ecosystems offers new opportunities to source your future operating procedures in a more efficient way. Additionally, we see increasing demand in the market to consume capabilities as modules rather than as a full process. This is more and more supported by having an IT architecture in place that allows to integration such modules like “plug and play” solutions as we are used to by plugging our computer into a docking station to use an external monitor, mouse and keyboard without having to go through a cumbersome, time consuming installation process.

Transform your model

Many roads lead to Rome – one possibility to transform your compliance model could be using Managed Services, which can be plugged into your bank’s value chain. They offer you multiple advantages such as:

  • Applying standard processes and on-top tailoring based on your needs
  • Reduced IT costs as you don’t have to build high-end technology platforms by yourself
  • Solutions maintained by industry experts having the knowledge and experience to ensure ongoing compliance

There are many use cases how you can benefit from a Managed Service, e.g. by partially external sourcing of the customer identification process, identification and analysis of new regulatory initiatives or by using digitized, machine-readable regulations to stay compliant with Cross-Border Rules, Fund Distribution, Trade Execution/Pre-trade checks and others.

These solutions can be used for every procedure of a compliance process, allowing you to choose (depending on your capabilities) either an in-house capability or managed services from external providers. And the best of it – solutions on the market are becoming available at an affordable price.

Key takeaways and first steps

It is time to think about your approach to deliver compliance services if, among others:

  • your compliance costs are increasing on the people and technology side
  • if you are struggling to keep an overview of regulatory changes
  • your IT organisation simply does not have the capability to build bank-specific technical solutions which are state-of-the-art.

Curious to learn more? Read our deep dive about the Compliance operating model and rethink the way you deliver compliance services. You can also contact us directly to learn how your organisation could benefit the most.

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Contact us

Dr. Günther Dobrauz

Dr. Günther Dobrauz

Partner and Leader Legal, PwC Switzerland

Tel: +41 58 792 14 97

Marc Lehmann

Marc Lehmann

Operational Excellence Leader Banking & FMI, PwC Switzerland

Tel: +41 58 792 26 50

Alexandra Burns

Alexandra Burns

Partner, Risk Consulting, PwC Switzerland

Tel: +41 58 792 46 28

Dr. Antonios  Koumbarakis

Dr. Antonios Koumbarakis

Sustainability & Strategic Regulatory Leader, PwC Switzerland

Tel: +41 58 792 45 23

Sadat  Alimi

Sadat Alimi

Advisory Senior Manager, PwC Switzerland

Tel: +41 58 792 1477