Financial Crime and Compliance (FCC) operations continue to grow within the Banking and Financial Services (BFS) industry. Given the increase in regulatory norms and technology advances, banks, financial institutions, and other emerging institutions are constantly working to meet these norms and safeguard themselves from financial crimes, while maintaining their operational costs and scaling their delivery. New regulations in the financial sector call for a dynamic regulatory compliance check, which is difficult for these institutions to manage globally. The pandemic and the looming threat of a recession have added to the woes of financial institutions and impacted agent availability, operational costs, and transaction volumes.
The growing demand for FCC support and digital has opened opportunities for service providers to augment their capabilities and add offerings for advisory, platform-led services, and advanced digital solutions. For buyers, the need to increase efficiency and productivity by reducing false positives and manual intervention, as well as by mitigating profile risks, remains paramount. Service providers now have the opportunity to go beyond managing operations and transforming engagements into strategic partnerships.
This report features 27 FCC operations service provider profiles, each of which includes:
This report provides a detailed analysis of the vision, delivery capabilities, and market successes of 27 FCC operations service providers and their relative position on the Everest Group PEAK Matrix® for FCC Operations. The study will assist key stakeholders, such as banks, financial institutions, FinTechs and RegTechs, service providers, and technology providers, in understanding the current FCC service provider landscape and help them in their sourcing and partnership decisions.
The PEAK Matrix® provides an objective, data-driven assessment of service and technology providers based on their overall capability and market impact across different global services markets, classifying them into three categories: Leaders, Major Contenders, and Aspirants.
BFS enterprises are aggressively investing in data initiatives for reporting, analytics, and data security to manage compliance needs effectively
Future risk & compliance in banks create an opportunity for competitive advantage: Strategic regulatory process and IT initiatives can help BFS firms to rapidly and accurately respond to regulatory changes and also enhance their capability to react to and anticipate market changes
6 disruptive trends in the risk and compliance landscape are changing how banks look at their manage-the-bank investments
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