Inflexible IT systems and a lack of corporate memory could prevent you from applying regulatory demands and meeting your customer commitments.
Neglecting this build-up could result in an ‘iceberg’ like scenario: the tip is visible but the underlying 90% is where significant regulatory and customer exposure risks can occur.
Outdated IT systems or multiple systems that have been layered struggle with complexity of products and customer communications. Failure to address this could result in further reputational damage and Financial Conduct Authority fines.
KPMG has in-depth experience working with major FTSE financial services clients addressing the ‘hidden parts’ of the iceberg, helping to resolve them in three steps:
KPMG believes the financial services industry is not addressing this issue fast enough and is not able to leverage the competitive advantage of data intelligence from IT.
We can help your business avoid this risk exposure so you can invest instead in future growth and economics of excellence.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.