Security News > 2020 > September > Financial risk and regulatory compliance pros struggling with collaboration

After several months of working from home, with no clear end in sight, financial risk and regulatory compliance professionals are struggling when it comes to collaborating with their teams - particularly as they manage increasingly complex global risk and regulatory reporting requirements.

"During the pandemic, financial firms quickly adapted to major changes, although not without some operational and technology weaknesses emerging," said Alex Tsigutkin, CEO AxiomSL. "Indeed, businesses might never return to the 'old normal', and that has made building data- and technology-driven resilience much more pressing than before the crisis. Our clients have been experiencing heightened regulatory pressures," he continued.

Remote collaboration is a top operational challenge for financial risk and regulatory pros: For all the talk of work-from-anywhere policies becoming the future of financial services, 41% of the risk and compliance professionals surveyed said collaborating with colleagues while working remotely has been their biggest challenge during the COVID-19 crisis.

Liquidity reporting expected to get harder: New capital and liquidity stress testing requirements are expected to present a much heavier burden on financial firms, with 18% of respondents citing increased capital and liquidity risk reporting as a major challenge they will face over the next two years.

Reduction of manual processes is an operational focus for the next two years: The top risk and regulatory compliance challenge firms see on the road ahead is continuing to eliminate manual processes, followed by improving the transparency of data and processes, and fully transitioning to a secure cloud.

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