One of the problems in bringing together projects is that banks often begin work to meet regulations only a few months before a deadline, he said. This means that there is little time to plan for the integration of systems which are subsequently delivered by IT departments.
"When you have very tight time pressures you can only really have a individual project approach because there is no way to do it in six months. If you are starting earlier you can plan those things into the systems," he explained.
By creating a more unified approach to the collation and monitoring of data for regulatory purposes, there are two main business benefits, Mayo said. One is the reduced cost of not having to replicate tasks for each separate regulation. The other is the use of data to drive business growth by leveraging the information that is gathered through the front end of the business for analysis or marketing purposes.
"One side of the benefit is in terms of reducing overall cost of compliance in the first place. So if you can share a platform or you are only getting the data once, rather than collecting it eight to ten times through each piece of regulation, so there is a direct cost saving there," he said.
"The other area is if you are being forced to monitor something or take data, you can feed that back into a front line process and marketing to help support revenue growth as well. So the main focus is probably on the cost side, but people are starting to see that they can use this to support their business, and driving revenue growth. That is further down the line but it is starting to happen now."
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