Navigating the Risk and Reward of Tech Adoption
by Lauralee Dhabhar, on Sep 30, 2022 10:00:16 AM
In the financial world, it is not unusual to experience friction between the desire or need for advanced technology tools and the fear of risk and resistance to change. Within businesses, like financial institutions, with established procedures and a strict set of regulations, there tend to be internal roadblocks or areas of significant resistance to add to or change established practices. Unfortunately, our social and commercial landscapes are changing at an ever-increasing pace. That means businesses and institutions are increasingly vulnerable to threats that traditional systems aren’t equipped to manage.
As data becomes more available and communities shift to online interactions, the need for Fintechs and Regtechs becomes more palpable. In the realm of risk and compliance, countless numbers of solutions are being presented to decision-makers for watchlisting, adverse media searches, AML monitoring, and more. These advanced technology tools have the potential to offer valuable assistance to analyst teams, but decision-makers face the responsibility of ensuring these technologies are to the benefit of their employees while also avoiding legal and compliance risks.
The question is how do we overcome the barriers and mitigate the perceived risks associated with adopting advanced technologies? Giant Oak Chief Commercial Officer Jon Elvin and Managing Partner at i3 Strategies David Caruso shared their perspective during a recent webinar.
For a more in-depth insight into this topic, read "Financial Crime Risk and Compliance: Selling Software, Simplified."