Regulatory Divergence Is Pushing Financial Firms To Adopt Global Standards

Regulatory divergence—variations in financial regulations around the world—inevitably creates stress for financial companies that neglect to keep close track of their clients’ data. Many companies cannot even identify where their customer data is stored, nor can they fathom the extent of the data they’ve collected. And the practice of employees using multiple tools to compile and store data only adds to the stress.

The implementation of the General Data Protection Regulation (GDPR) across the European Union (EU) has been a game-changer for the finance world. According to research from Sia Partners, the cost for financial institutions to become GDPR-compliant dwarfs the investment for organizations in other sectors. While technology firms and media organizations in the United Kingdom might spend 20 million pounds or 7 million pounds, respectively, the average bank in the UK needs to fork over about 66 million pounds to reach full compliance. 

Read the full International Banker article by iCorps' VP of Technology Jeff Lauria here: Regulatory Divergence Is Pushing Financial Firms To Adopt Global Standards

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