LexisNexis® Risk Solutions conducted a survey on trade compliance and the specific challenges facing the industry. More than 120 compliance professionals from banks, insurance and fintech firms around the world offered their insights into current processes and pain points.
The results reveal differences in how global banks, corporates, and non-banking financial institutions (NBFIs) manage trade compliance.
Our survey found that despite the risk of human error, many companies today still rely on manual compliance screening. Also, many organizations do not have a dedicated compliance team.