What’s the biggest compliance challenge in financial services?
Research by Thomson Reuters uncovered this very candid response from a senior compliance professional:
“Rolling out a champagne and caviar compliance program on a bread and water budget.”
Why is it so hard?

Here are a few reasons:

1. The volume and pace of regulatory change is unrelenting.
2. The breadth of regulatory scope is extreme due to multiple different regulators and peak
   bodies and each one has its own siloed approach.
3. Compliance culture is key but remote working has exposed gaps in governance programs
   such as the ability for workers to access – and understand – policies and procedures from
   anywhere, at any time, and on any device.
4. Boards (rightly) have high expectations but compliance officers are sick and tired of
   always having to do more with less; just because the rules are “there in black and white”
   does not mean this is easy!
5. Skills shortages and staff turnover are very real issues and unfortunately due to the
   breadth and complexity, the solution historically in this segment has been to throw bodies
   and spreadsheets at the problem, which is expensive.
6. Vested interests (like large law firms and consulting firms) make a nice margin selling
   their expertise to solve these problems but only the largest institutions can afford their
   services.
7. Compliance professionals are smart people who don’t like having to do dumb jobs like
   checking umpteen different websites to download PDFs that then need to be manually
   summarised into an obligations register.

There is an urgent need to centralise the key regulations into one easily searchable and
navigable database in order to avoid the mindless repetitive unproductive labour cost that
goes largely unseen, not just in compliance teams but also at the large law and consulting
firms (where it comprises unproductive and “unbillable” hours).

In a nutshell, these are the problems that RegulationCity has solved using 1WordFlow‘s
proprietary virtual documents technology that quickly and efficiently spins up digital twins
from the underlying source and liberates the information from the shackles of its PDF and
Word constraints by turning it into beautiful rich web pages.

The difference is game-changing. Available right now for a low monthly subscription, you
can find 35,000 pages of financial regulation all together in one easily accessible, navigable,
and bookmarkable website.