Making individual compliance a priority for the banking sector

The risks for non-compliance in the banking sector are high. From fines and penalties to consumer and reputational damage, the consequences of banking compliance failure have been well demonstrated in recent months. More than ever, regulators expect organisations to make individual accountability, transparency and compliance priorities.  

However, banks often find themselves unable to dedicate the resource needed to implement regulatory changes and manage individual compliance effectively. Common challenges include: 

  • Digital security
  • Constantly changing regulation 
  • Introducing greater consumer protection 
  • Updating digital solutions regularly
  • Consistent reporting 
  • Culture and transparency  

In recent years, these challenges have become even more complex, with pressures mounting on senior individuals and more considerations being added to the compliance checklist all the time. ESG, individual accountability and Consumer Duty are just several examples of robust risk management issues which must additionally be embedded into banking compliance.  

Ultimately, the regulatory landscape for banks is uncertain and unsteady. Guidance is continually being updated. Even the most established individual accountability regime, SM&CR, has been called for evidence in an effort to understand the outcomes of the regime. 

As a result, organisational transformation to support individual compliance and risk management must be a priority. 

How can Trailight support 

Trailight is an individual regulatory compliance platform which is purpose-built to support global financial services organisations with these challenges. The platform transforms how you manage compliance, putting individual accountability at the heart of your processes and centralising all your individual compliance requirements. This not only reduces risk but also supports cultural change in your organisation.  

Already successfully implemented with numerous global financial institutions, our platform can be configured to your specific regional or cross-jurisdictional regulatory requirements. 

 Discover more 

Read more about how to address the latest regulatory compliance challenges facing banks in our brochure: 

Individual accountability and risk control for bank compliance 

  • How to address the biggest challenges today 
  • Manage constant change with accountability 
  • Integrate ESG and consumer functions to improve risk 
  • Update compliance processes with digitisation 
  • Why choose Trailight 
  • Compliance features for banks

Get in touch with Trailight at [email protected] or 01904 206066 if you have any more questions.