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The cost to comply is rising. A 2018 study by CEI estimates that firms spend approximately $10,000 per employee on compliance. That means that larger institutions (i.e. global banks, large brokers, etc.) with 20,000+ employees are potentially looking at $200 million in compliance costs per year. Much of this cost can be attributed to adding staff or hiring costly outside counsel to help manage constantly changing regulation.

Then there’s the cost of non-compliance.

Since 2008, banks have paid $321 billion in fines for a swath of compliance failures. While frightening, this number barely represents the full cost of noncompliance which is also felt in business disruption, productivity loss, and revenue loss that can ripple out for months or even years. In a 2015 study by ECGI, reputational losses incurred by firm misconduct was shown to have an even greater negative impact than the fines themselves; on average, stock price reactions were nine times larger than the penalties imposed by regulators.

While many infractions are caused by bad actors, the vast majority of firms (and the Risk and Compliance teams tasked with protecting them) are doing the best they can to stay above board. With regulation growing in both volume and complexity, it’s a hard job that’s only getter harder.

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Take the frustration and error out of compliance.

Ascent automates regulatory change management, drastically reducing the amount of time you spend on manual research and regulatory analysis. 

Powered by sophisticated AI, Ascent maps regulation to your unique business profile, automatically populating your dashboard with every obligation and rule change that applies to you. The platform indicates when a rule change may impact your internal controls, policies and procedures so you have all the information you need to proceed with confidence.

Connect this crucial data to your own internal system or GRC, or manage your obligations within Ascent for a fully traceable end-to-end compliance process.

REQUEST A DEMO: Click here to request a demo or to contact our Sales team.

 

Reduce your compliance costs. 

Ascent helps financial institutions save money on compliance in two ways:

— By reducing the cost to comply. Ascent helps you slash regulatory development time from thousands of hours to mere minutes. Faster and more accurate than humans alone, Ascent drastically reduces the need for additional headcount or expensive outside counsel. More importantly, Ascent empowers existing staff to take on more value-add activities, thereby strengthening the business overall and shifting compliance from a cost-center to a competitive advantage.

— By preventing compliance failures and associated fines and penalties. In a world where a new regulatory update is issued every 7 minutes, financial institutions can no longer afford to miss a rule change. By automatically delivering the obligations and rule changes that apply to you and providing a powerful platform to manage them, Ascent helps you shore up your compliance program, minimize risk, and avoid fines.

Maintaining a strong compliance program is almost 3x cheaper than the consequences of non-compliance. With Ascent as the technology backbone of your compliance program, you can save money, time and resources while proactively defending your firm from risk.

LEARN MORE: How Ascent is Different

 

Modern challenges require modern tools. Interested in seeing how Ascent can help you save time and reduce your compliance costs?

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