Deloitte has launched its Managed Services platform as a solution to this conundrum, working closely with integrated cloud applications and platform services provider Oracle, know-your-client specialist smartKYC and business intelligence expert Bureau van Dijk. Deloitte Managed Services uses a framework that allows organisations to identify all relevant regulatory impacts as well as leverage solutions between regulations and across industry players.
Micha Bitterli, Partner and Head of Managed Services at Deloitte in Switzerland said, “We are convinced that this answer to the dual challenge of increasing regulation and an economically challenging environment for banks does not mainly lie in cost and footprint reduction, but rather in smart solutions mutualising the costs of regulatory compliance across industry players.”
He adds: “Everyone in the Swiss financial community is currently talking about how to further reduce costs and drive innovation at the same time. We see various banks considering – and some banks already implementing – how to automate business processes. Whilst the talk of the town is fintech, we think that the automation of regulatory processes, regtech, is at least as crucial for the future success of financial organisations. Deloitte has built a platform to do exactly that: enable banks to leverage core compliance processes across regulations and across industry players.”
