Industry trends & challenges
Past, ongoing and future acts such as Dodd-Frank, Basel III, and the Foreign Account Tax Compliance Act (FATCA) have resulted in an increase in compliance-related activities and personnel. Dodd-Frank alone has produced millions of hours of paperwork costing businesses more than $24 billion since its initial passage. These acts produce several regulations and procedures for companies to follow and it’s up to their compliance departments to review, document, advise, and track all of these processes to follow them accurately. As more and more regulations are added, Compliance departments need to be able to effectively review, notify, track, and audit how the regulations are being implemented.