The rapidly changing regulatory and risk landscape presents a constant challenge for banking industry leaders. Forty three percent of banking executives cited compliance as their top concern for 2022. The only issue cited more was cybersecurity, which also comes with compliance implications.
Indeed, keeping pace with evolving rules and maintaining compliance in a pandemic era is no small feat. There are newly remote workforces and a growing digital customer base. The SEC has opened inquiries into how Wall Street banks keep track of their employees’ work-related digital communication, and some companies have already been fined.