From: Phys.org
by Bhargav Mitra And Robert Mccausland, The Conversation
***
Growing cost of regulation
As well as cyber attacks, companies are having to contend with growing levels of regulation. As well as the regulations of the jurisdiction they are based in, when firms are spread across nations, they must also abide by international standards.
The costs of this compliance in the banking sector is increasing at an alarming rate. One report has found that banks spent nearly US$100 billion on compliance in 2016 and the global spending on meeting the regulatory requirements increased from 15% to 25% over the previous four years. This skyrocketing spend on compliance leaves little room for product development.
Leave a Reply