Understanding the RegTech Effect in Numbers

January 31, 2019

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Globally, banks have 10–15% of their staff dedicated to compliance on average. According to a study cited in the Cost of Compliance 2018 Report, regulatory divergence (costs, risks, impacts) costs financial institutions 5–10% of their annual turnover (on average). This consumes senior management time as well as capital that could otherwise be focused on identifying emerging risks in the financial system. Ultimately, these costs are a barrier to international growth – more than $780 billion annually in costs to the global economy are conservatively inferred by the find ...

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