Accenture launches a new compliance-as-a-service (CaaS) solution, which can help financial service providers to cost-effectively meet changing regulations. According to Accenture, the service uses the SynOps operating engine to combine “data, applied intelligence, digital technologies and talent” to combat financial crime and ensure compliance.
According to Accenture’s 2019 Compliance and Risk Study, regulations are becoming increasingly stringent and the costs of complying with them are increasing. The company estimates that financial services companies worldwide spend 4% of their revenues on compliance-related activities, and expects this figure to rise to 10%. In the meantime, fines of hundreds of millions of euros are being handed out for failing to detect financial crimes.
Components of the CaaS offering
The CaaS offering includes strategy for regulation, as well as for legal, technological and security data. The managed services component provides support in Know Your Customer, with tools to help companies verify the identity and suitability of their customers. In addition, anti-money laundering measures have been added with certain compliance measures. These include transaction monitoring and alert management, privacy data management, and contract life cycle management.
Supporting compliance departments
A further component is the regulatory response service, including outreach and regulatory campaigns such as the GDPR. In short, Accenture’s CaaS offering is designed to support the compliance departments of banks, insurers, capital markets and other organisations.
“Although the cost of compliance continues to rise, compliance budgets remain stagnant,” Bob Bradley, leader of the CaaS offering at Accenture Operations. “By moving compliance-related functions to a flexible operating model, our comprehensive offering will enable clients to manage risk with efficiency and speed, freeing them up to focus on higher value-added opportunities as part of their journey to intelligent operations.”