PARSIPPANY, NJ, March 1, 2017 –Financial institutions require the right Enterprise Content Management (ECM) and Business Process Management (BPM) solutions to help lessen the pain of meeting an increasing number of compliance regulations.
Sarbanes-Oxley, Dodd-Frank and other regulations continue to be one of the biggest operational headaches that banks and other financial-services firms must comply with, especially for those firms still operating in a paper-driven environment.
Meeting these complex and ever-growing regulatory demands are eroding the profitability of financial-services firms. According to Financial Executives International survey, the cost of complying with regulations is estimated at nearly $2 million annually for companies with average revenues of approximately $5 billion.
Chief compliance officers working in this sector must fully comply with the growing number of governmental regulations that can impose huge fines and other penalties as well as limit employee productivity. With so much at stake, compliance officers can’t afford to track and manage these requirements with outdated technology.
Financial services companies require an ECM/BPM implementation that will meet regulatory demand and significantly improve operating efficiencies across the organization, enabling them to focus on building their business instead of wasting valuable time and resources searching for documents and other content.
One industry survey found that the potential benefit for both ECM and BPM technologies was improved productivity and compliance. Survey respondents also cited Sarbanes-Oxley as a major reason for implementing a BPM solution for finance departments.
“The highly regulated financial-services sector requires regulatory compliance systems that mitigate risk throughout the enterprise, said Adam Storch, Vice President of Business Solutions and ECM Practice at Micro Strategies Inc. “The integration ECM and BPM technologies can provide a secure, cost-effective and scalable solution to meeting the challenges of adhering to regulatory demands. However, it’s vital that firms choose an ECM/BPM solution that fits their specific needs as well as automatically adapts internal policies to meet changes in regulations.
About Micro Strategies
Leveraging extensive business process and IT expertise, Micro Strategies utilizes technology to deliver business results. Its consultative and customer-centric approach allows the tailoring of end-to-end solutions from infrastructure to line-of-business software for organizations across a range of industries. For more information, go to www.microstrat.com.