Buy-side compliance: Firms seek customizability and automation

This mini-whitepaper sheds light on the types of compliance systems already in place at buy-side firms, the efficacy of those systems, the need for firms to improve automation levels, and their desire for customizability. It also looks at the factors standing in the way of buy-side firms replacing their incumbent tools.

Key findings: 

• Only 19% of respondents report that their firm’s compliance platform fully supports the needs of the business and is fit for purpose, while 81% believe the effectiveness of their compliance platform could be improved.
• A significant minority (10%) see their current platform as ‘unsuitable’ for the needs of the business, while 13% are actively looking for a replacement system.
• More than half of firms believe their compliance functions are too manually intensive, while 42% struggle with understanding the minutiae of the regulations they are subject to and how they translate into technology and operational workflows.
• The issues preventing firms from moving away from their current provider include the provider’s culture, the need for customized solutions, and contractual matters (vendor lock-in).