How banks can use the ServiceNow Platform for Compliance Operations
Anyone who has worked in a bank for even a short time understands how much compliance plays a role in virtually every activity in every part of the business.
Financial Regulators at the regional (e.g., NYDFS), country (e.g., FCA), and global level (e.g., BASEL III) establish an ever-growing set of rules, which are generally aimed at reducing systemic risk, encouraging common adoption of standards, protecting customers, and driving fair competition.
Virtually no one in any financial institution is exempt from some regulatory angle.
[ + ] A branch teller must learn about anti-money laundering, anti-terrorist financing, know-your-customer rules before they sign up their first client
[ + ] The wealth management side needs to follow strict rules to appropriately align investment decisions to client risk profiles
[ + ] Asset managers need to follow strict rules around marketing their products
[ + ] Capital markets teams need to ensure IPOs are fairly executed
[ + ] Finance needs to follow rigorous accounting standards
[ + ] Procurement needs to monitor vendor risk
[ + ] Treasury needs to ensure capital adequacy requirements are met
[ + ] IT needs to document access permissions and system changes
[ + ] Payments departments need to ensure they are conforming to PCI rules
[ + ] HR needs to ensure trading licensing and attestation is up to date
[ + ] All departments need to manage customer data privacy
[ + ] And more (the list is ever-growing)
...ref. ServiceNow Solution brief document.