New Compliance Normal - Cloud Solutions for Financial Firm

1. SHIELD THE NEW COMPLIANCE NORMAL - FINANCIAL FIRM This is the first in a series of blog posts dedicated to “the new compliance normal.” RegTech companies have joined the conversation to talk about how regulatory compliance regarding market abuse has shifted since the pandemic began. During the research for this post, it was apparent that many of the firms addressed the shift to cloud as a possible solution to the current challenges that the pandemic brought with it. BANKS HAVE BEEN SLOW TO EMBRACE CLOUD COMPUTING Banks have been slow to embrace change and to adopt new technology overall, some are arguably fully resistant to the idea of migrating financial services information and services into the cloud. But the new compliance normal is forcing a shift. THE BENEFITS OF A CLOUD-BASED COMPLIANCE SOLUTION Larger banks have offered data that suggest a cloud-based strategy affords them about a 25% savings on IT infrastructure costs. Collectively, that’s about $15 billion per year. However, mid-size and smaller banks may not be seeing the same cost advantages; some even suggesting that their costs are now higher. THE FUTURE CAME QUICKER THAN EXPECTED COVID-19 has brought the future to the present. The new compliance normal has arrived. Alyne states, “Smooth future- orientated operations may be extremely challenged if the organisation continues to rely on on-premise software. https://www.shieldfc.com/