The road to evergreen compliance

 

• What are the ache factors related to banks’ legacy testing strategies?
• In terms of ISO 20022 compliance, what pressures are banks’ enterprise departments and product house owners beneath?
• What can automated testing do for banks’ long-term compliance journey?

 

The monetary sector requested for ISO 20022 – however with all of the newfound fee rails and testing necessities, maybe it didn’t absolutely respect the implications. There are new enterprise guidelines to take care of, up to date file codecs, and extra use instances than ever. Each financial institution should shoulder this unprecedented compliance undertaking to fulfill Swift’s November 2025 deadline.

Nevertheless, the established order for compliance testing – be it generic or tailor-made – shouldn’t be match for the lengthy haul. Incumbent strategies are a mountain to scale, notably for industrial banks’ enterprise departments and product house owners, who’re anticipated to be each externally going through in addition to translate new rules to IT employees.

Automation could be the silver bullet – subbing out the laborious, in-house testing course of for always-on compliance, for many years to return. This pre-emptive flex to accommodate regulators’ ever-evolving guidelines retains a financial institution’s regime evergreen; boosts operational efficiencies; and doesn’t play quick and free with valuable human sources.

Join this Finextra webinar, hosted in affiliation with UNIFITS, to affix our panel of business consultants who will look at the present state of banks’ compliance testing, and what must be accomplished to make sure their regimes are future-proof.