Accenture has launched a Compliance-as-a-Service(CaaS) amid the rising financial crime across the world and supports financial institutions, fintech, and technology companies for fighting financial crime. The new CaaS offering is cost-beneficial and gets going with regulations.
Navigating the regulations that resolve financial crime is expensive, and financial institutions has provoked hundreds of millions of dollars in penalties for failing to prevent parties from disguising unofficially obtained funds as legitimate income. It is approximated that financial service institutions will globally spend 4% of total revenues, on average, on policy-related activities, and expected to rise to 10% by 2021. The company said that they provide the progressive capability that leverages SynOps, Accenture’s human-machine operating ‘engine’ that complement data, applied intelligence, digital technologies, and surprising talent- to support financial institutions for managing the scope and difficulties in the constantly changing regulatory and compliance environment. It is designed to assist the compliance departments of banks, capital markets, and other organizations.
The CaaS offering enlarges Accenture’s managed service abilities and delivers a variety of completely managed services, including Know Your Customer(KYC), Anti-Money Laundering (AML), compliance and controls testing, contract life-cycle management, and management of personal data. Bob Bradley, who leads the CaaS offerings mentioned that compliance officers need to be graceful and transform from reactive to strategic in a changing environment. Steve Culp, Senior Managing Director, and head of the company’s Finance & Risk Practice told that moreover in facing cost-pressure, compliance functions must observe talent in succeeding the required skills in this compliance environment, enabling technology-based approaches essentially. The offering helps compliance employees to update their skill sets, improve their productivity, and face emerging challenges such as data privacy.
Accenture is a leading worldwide professional services company, delivering services, and solutions, consulting, digital, technology, and operations. The combination of unmatched experience and dedicated skills across more than 40 industries and all business functions are promoted by the world’s largest delivery network. Accenture works by the joining of business and technology to help clients improve their performance and create value for their stakeholders. About 492,000 people serving clients in more than 120 countries, it enables us to improve the way the world works and lives to drive innovation.