Compliance technology: Challenges, opportunities and what firms want

Key findings include: 

• Data management and quality challenges were cited by 33% of respondents as their most acute compliance challenge, followed by legacy and/or outdated technology underpinning their compliance functions
• Half of all respondents see their compliance function as playing a significant role in winning new business and retaining existing clients/mandates
• Half of all respondents have already implemented new technologies such as natural language processing, machine learning and behavioral analytics to support their compliance functions 
• When vetting compliance partners, firms most value experienced staff members who understand regulatory mandates and how they impact day-to-day operations