DIGITAL BANKING
FOSTER COMPLIANCE
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“ Non-compliance with regulations poses significant risks for industry players in both the B2B and B2C sectors ,” Sara warns . “ Financial regulators can impose financial penalties , which can strain resources and impact profitability .
“ More importantly , non-compliance can erode consumer and business trust , leading to a loss of customers and diminished brand reputation .”
There are compliance tools out there for financial institutions to leverage , such as automated monitoring tools , which identify potential regulatory issues before they escalate .
“ It ’ s crucial to foster a culture of compliance within the organisation long term , engaging employees with regulations and their requirements to help avoid breaches ,” she adds .
For Simona , compliance teams must be sufficiently staffed , both in terms of manpower and in the skills required , the right expertise and a good network of local legal counsels for global coverage to best combat risk .
“An organisation ’ s day-to-day processes should be compliant by design ”
SIMONA COVALIU , CHIEF RISK OFFICER , PAYU GPO fintechmagazine . com 91