Managed Services for Financial Crimes Compliance

As we continue towards a future where digital transactions are becoming increasingly common, financial institutions are facing rising levels of fraud, cybercrime, regulatory risks, and compliance costs. These challenges call for a transformative and sustainable solution to enable continuous compliance with these regulations.

Managed Service providers can relieve some of this burden by taking on staffing challenges and thoughtfully using technology, all while offering a favorable pricing model. By combining innovative technology solutions subject-matter knowledge and operational expertise, Managed Service providers can effectively support an organization's compliance goals through a properly designed and implemented managed services solution that goes beyond transactional cost reduction to drive compliance.

Financial institutions can delegate the time-consuming process of attracting, retaining, and managing skilled labor to support their risk and compliance functions. Managed Service providers offer a pool of experienced team members and take on the burden of day-to-day team oversight and talent development. This model mitigates risk associated with turnover and fluctuating volume of work and enables financial institutions to redirect their attention to other core business activities.

Managed Service providers often offer a suite of cost-effective and scalable technology solutions that deploy artificial intelligence and machine learning. These solutions can reduce cost of compliance, improve accuracy, and increase efficiency. This approach not only reduces operational costs but also minimizes error rate and decreases the need for manual effort.

Financial institutions typically favor predictable pricing models where services are available through a multi-year subscription. Certain providers include remote delivery and the option to flex team size up or down to meet changing needs as part of these multi-year subscriptions. These levers allow for a true partnership approach, allowing plenty of flexibility to meet business demands and visibility to manage budget.

True transformation requires people and technology working in harmony. Managed services providers, enabled by technology but led by strategy and deep knowledge in digital, business, and industry domains, can help manage the adoption of new technology and provide internal teams with long-term support and collaboration. Managed services provide a customizable and scalable solution that, when implemented properly, allows financial institutions to focus on their core business activities while ensuring consistent compliance with regulatory requirements.

If you’re not looking to a managed services solution to ensure compliance with regulations while also driving sustained transformation and achieving strategic outcomes, you should be. Reach out to learn how we can help.