May 20186Banks and financial institutions need to follow certain requirements, restrictions, and guidelines set by the government to uphold the soundness and integrity of their business operations. However, banking is a highly regulated industry due to its instability and the crucial facilitating role it plays in the economy. The organizations in this industry spend a substantial amount of their time and money in mitigating the risk and complying with the dynamic regulatory and compliance requirements.With the introduction of few regulatory changes including Sarbanes-Oxley Act (Sox), Basel II, Data Privacy, Anti-Money Laundering (AML), Reg NMS and more, the banks and financial institutions adopted the point solutions to manage their risk and compliance stature. However, the gradual build-up of regulations over the years has led to the creation of duplication of compliance processes and documentation within the organizations. There is no integrated view of risk and compliance, which resulted in higher costs and lack of uniformity while managing different regulations. Technology has come to address all these challenges and is assuming a key role in delivering sustainability, consistency, efficiency, and transparency across risk and compliance processes. The banks and financial institutions can leverage data management tools and processes to adopt an integrated approach to risk and compliance management that aligns centrally with the corporate governance and reporting, and extends across distributed business lines to assign ownership, execution, and accountability. The tools help organizations to understand and anticipate their risks better than ever and keep up with new regulations. In fact, IDC predicts that the global governance, risk and compliance (GRC) software revenue to reach $11.8 Bn in 2021 as the organizations look for solutions to meet the challenges of regulatory change, cybersecurity threats, third-party exposure, and reputation risk. Our goal with this special edition is to highlight the best-of-breed risk and compliance solution providers that leverage innovative technologies for successful implementation of risk and compliance management programs. This edition also blends thought leadership from subject matter experts with real stories on what selected vendors are doing for their clients, including exclusive insights from CIOs and CXOs.Write us your thoughts.Copyright © 2018 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.MAY - 2018Contact Us:Phone:510-556-2284Fax:510-894-8405Email:sales@bankingciooutlook.comeditor@bankingciooutlook.commarketing@bankingciooutlook.com MAY - 2018, Volume 04 - 04 Published by ValleyMedia, Inc. To subscribe to Banking CIO OutlookVisit www.bankingciooutlook.com Editorial StaffSalesRISK AND COMPLIANCE SPECIALAlena D'souzaalena@bankingciooutlook.comVisualizerGokul K GIssac GeorgeManaging EditorJames RobertsonTechnology as an EnablerJames RobertsonManaging Editor editor@bankingciooutlook.comCarolynn WaltersHrushikesh Arun DondeJustin SmithEditorialJoseph MichaelKenneth ThomasRussell Thomas*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staff
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