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During the last few years, compliance has assumed top priority in banks and
financial services organizations. Several parallel regulatory moves, some of
them with far-reaching consequences and tough timelines, have suddenly brought
the compliance function unprecedented focus.
Regulations like Basel II bring in degrees of complexity by providing flexible,
alternative approaches to banks, and further, by giving local regulators the
option to implement local flavors of Basel II.
Banks, the world over, have started making huge investments, largely in IT, in
order to comply with these initiatives.
Multiple approaches to compliance can prove expensive. The cost, time, effort
and complexity involved also grows exponentially depending on the size of the
organization, geographical distribution, as well as the organization &
reporting structure.
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