Take Advantage of Compliance Technology

The annual average number of hours of lost productivity per full time equivalent compliance analyst due to job dissatisfaction is 26 in the U.S. and 29 in Canada.  As complex AML compliance demands create added pressures, repetitive processes and frustrating delays, even the strongest compliance teams can falter. Ongoing challenges can impact productivity levels and decisioning accuracy, which opens your business to risk and missed opportunities.       

Our e-book explores how the right technology enables AML compliance teams to work more efficiently and focus on higher-value activities and more complex compliance decisions.




See real-world comparisons on where technology tools impact productivity and costs with this in-depth look from the LexisNexis® Risk Solutions 2019 True Cost of AML Compliance Study for the United States and Canada. 

The e-book delivers a deeper look into the negative impacts of trying to navigate complex financial crime compliance demands without robust technology tools: 

• 61% of financial services firms in the U.S. and Canada using one or fewer AML compliance technologies/services indicate onboarding delays with between 1% - 5% of new customers
• Around two-thirds of financial services firms in the U.S. and Canada using one or fewer technologies/services report a negative compliance impact on customer acquisition efforts
• 37% of firms using one or no technologies/services report losing 3% or more of prospective customers due to delays and friction that can be attributed to compliance activities

It also compares how productivity levels are influenced by the number of compliance technologies being utilized:

• 63% of financial services firms in the U.S. and Canada using one or no technologies/services feel AML compliance has a negative impact on productivity
• In contrast, 45% of financial services firms in the U.S. and Canada using four or more technologies/services report AML compliance has no impact on productivity

Our e-book also demonstrates how utilizing a multi-layered compliance technology strategy translates into significant cost savings:  

• Financial services firms that utilize four or more technologies/services have an annual average cost of compliance per FTE of $78K compared to the average cost of compliance per FTE of $140K for firms that utilize one or fewer compliance technologies/services
• Financial services firms that utilize four or more technologies/services spend 48% of their compliance costs on labor while firms that utilize one or fewer compliance technologies/services spend 59% of their compliance costs on labor  

The e-book provides an industry-driven look into the current state of compliance for financial services firms in the U.S. and Canada built from the input of financial crime compliance leaders and executives. It illustrates how targeted, multi-layered technology helps automate financial crime compliance tasks and optimize efficiencies to deliver productivity gains and greater cost synergies within compliance workflows and across the enterprise.    

Find out how technology translates into competitive advantage in this detailed overview.