Businesses everywhere are experiencing disruption from the COVID-19 pandemic as they try to navigate the unknown. Financial institutions (FI) in particular are facing uncertainty as they respond to new regulatory requirements and a surge in digital transactions. To better understand how the pandemic is impacting financial crime compliance costs, LexisNexis Risk Solutions surveyed a representative sample of compliance professionals from financial institutions in the U.S. and Canada.
The survey results were enlightening, particularly how the institutions are investing their resources to address delays in account onboarding and increased alert volume. Many FIs are facing a myriad of cost increases and impacts to operations resulting from the COVID-19 pandemic. Business disruption combined with remote working is creating delays and contributing to operational issues to strain resources.
Our infographic shows the top areas being impacted by the pandemic and how financial institutions are responding to these issues. We also look at how these ongoing pressures are driving increased compliance costs.
The infographic outlines how specific activities have been impacted across compliance departments during the pandemic and the resultant remote working period, including:
Operational issues and cost pressures stemming from the COVID-19 pandemic are testing financial institutions everywhere. Investing in technology solutions can help alleviate some of these pressures and limit cost increases. Our solutions combine advanced analytics and unmatched global identity intelligence with innovative financial crime to deliver precise risk perspectives that enable compliance teams to recognize relevant risk and complete critical financial crime compliance processes efficiently.
LexisNexis® Risk Solutions 2020 True Cost of Financial Crime Compliance Study. This document is for educational purposes only and does not guarantee the functionality or features of LexisNexis products identified. LexisNexis does not warrant this document is complete or error-free. LexisNexis and the Knowledge Burst logo are registered trademarks of RELX Inc. Other products and services may be trademarks or registered trademarks of their respective companies.
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