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Reimagining the role of the front office in complying with banking regulations
Digitizing front office processes and controls
Why invest in a more comprehensive approach for your front office to respond to, manage, and deliver against an expanded regulatory, business, and control agenda? To drive efficiencies, reduce costs, mitigate risk, and become a source of competitive advantage.
Learn more about digitizing front office processes and controls.
Insight that can help banks digitize their front office processes and controls and strengthen their first line of defense:
- Corporate risk management: Current state. For some time, second line of defense functions have often led regulatory response and remediation efforts. And frequently, the front office isn’t fully engaged in the end-to-end design and implementation efforts.
- A more comprehensive approach for the front office. The time has come for the front office to strategically design and invest in a more comprehensive approach to respond to and manage banking regulations, as well as an expanded business and control agenda.
- Building the foundation: Three pillars. A macro trend in the industry is an increased interest in automation and digitization of processes and controls, along with investments in cognitive technologies and analytics to enhance data analysis capabilities and reporting. But before one can begin to strategize about automation, the foundation of the processes and controls must be well-understood.
- Investing in technology and automation. Global banks are taking a much closer look and investing in automation and cognitive technologies. Automation can significantly streamline existing processes and activities to create greater efficiency and provide employees with time to focus on more strategic areas.