Transforming compliance: how is technology changing regulatory compliance in banking and insurance?

1. Who is responsible for regulatory compliance within your organisation? [select one option]

We have a dedicated compliance department
We have compliance personnel / teams across several departments
Senior management / the board
We do not have specific compliance personnel / teams in the organisation

2. Which of the following regulatory areas is currently the most challenging for your organisation? [select one option]

Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations
Know Your Customer (KYC) and Customer Due Diligence (CDD) requirements
Data privacy and protection (e.g., GDPR, CCPA)
Regulatory reporting requirements e.g. Basel III/IV, IFRS or Solvency II capital adequacy rules
Consumer protection regulations (e.g., Fair Lending, Consumer Financial Protection Bureau, Consumer Duty)

3. What are the top barriers for your organisation in rolling out a successful regulatory compliance strategy? [select top three]

Lack of education / knowledge
Legacy technology
Lack of dedicated compliance technology
Siloed data / lack of data visibility
Lack of budget / investment
Corporate buy-in
Siloed departments
Lack of automation / AI
Poor data quality
Manual processes

4. Which of the following technologies / methods is your organisation using to assist with regulatory tasks? [select one option]

We use a dedicated compliance tool / software from a third party
We use an in-house built regulatory compliance tool / software
We outsource regulatory compliance tasks to a third-party
We use general-purpose software for compliance tasks
We rely on manual processes for compliance tasks

5. How confident are you in your ability to apply regulatory compliance principles to your day-to-day tasks? [select one option]

Very confident
Confident
Somewhat confident
Not confident at all

6. What are the most important data governance priorities for your organisation over the next 12 months? [select top three]

Data transparency
Data privacy
Monetisation of data
Data protection and cyber security
Regulatory reporting requirements
Risk management
Integration of open data sources

7. What are the key data governance challenges for your organisation at the moment? [select top three]

Siloed data / lack of single view of data
Poor data quality
Lack of trust in data
Limited budget / investment
Misallocated budget / investment
Misconception that IT department is solely responsible for data governance
Data privacy or security concerns
Poor or outdated IT infrastructure / storage
Lack of skills
Disparate IT systems / software/ technology

8. Which of the following AI technologies is your organisation currently using or planning to use? [select all that apply]

AI for credit decisioning
AI for risk management
AI for regulatory compliance
AI for cybersecurity
AI for insurance claims
AI for fraud prevention / AML
AI for personalised banking
AI for trading
Robotic process automation
Generative AI i.e. ChatGPT
Large language models
We dont currently have plans to use AI

9. With the growing development of large language models and generative AI, has your organisation started planning for the possible regulatory implications and risks of the technology? [select one option]

We are prepared for the regulatory implications and risks
We are somewhat prepared for the regulatory implications and risks
We are in the early stages of planning for possible regulatory implications
No, we are not prepared at all but have plans to explore the risks in the near future
No, we are not prepared at all and have no current plans to explore the risks

10. Which of the following will be the top regulatory compliance priorities for your organisation over the next few years? [select top three]

Improving education / knowledge
Hiring the right talent
Implementing dedicated regulatory compliance technology
Data privacy / protection
Data governance
AML / Anti-terrorism
KYC
Rolling out AI / new technology

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