If you’re a financial services company, you’ll know the struggle of juggling regulations, risk and compliance. It’s no secret that financial services are one of the most heavily regulated industries in the world, but those in the know appreciate that regulations go deeper than surface level – they influence every aspect of your business strategy. Financial services need to understand these challenges so they can safely steer through the year.
2018 trends for financial services
So how is 2018 shaping up? Well, according to Deloitte, there’s plenty of uncertainty around the impact of things like Brexit, Open Banking, and how to boost cyber resilience. Not great when security and minimising risk is top of your priority list. Deloitte also say that 2018 will bring heaps of implementation work, which will inevitably slow down internal company processes and efficiency.
With regulations in a constant state of flux, especially in Europe, keeping up to date and playing by the rules is the bane of every finance leaders’ life. It places extra importance on financial transparency, data integrity and internal auditing. Not being up to standard on these things means risking weighty fines and intense scrutiny. There just isn’t the time or money to mismanage regulations, so companies need to work efficiently and precisely.
Connect spend and keep up with regulatory changes
An easy way to quickly improve productivity and compliance is to consider connected spend management. A cloud-based expense management solution allows you to have full visibility into budgets and spend, giving you back financial control. Our travel and expense solution automatically keeps up with changing legal and regulatory demands, easing the pressure of compliance and HMRC scrutiny.
Automated workflows adapt to changing policies, delivering real-time feedback and reporting on out-of-policy spend, so you won’t need to draft in a team of people to keep up with the admin every time there’s a regulatory change. Plus, as a cloud solution, SAP Concur works with the systems you’ve already invested in with minimal IT resource required for implementation.
Effectively manage the risk of financial crime
When mitigating risk is part of your promise to your customers, you need to understand and tackle the dangers of financial crime. The more control and visibility you have over company finances, the better you’ll be at managing risk. We can help with managing every penny through a thorough auditing process for real-time data accuracy and insights. Plus, we use enterprise-class security solutions to boost cyber resilience and protect your business from cyber-attacks.
No more sleepless nights over internal audits and handling sensitive information. We can help you with visibility and compliance now and in the future.