“Complexity of regulatory changes” - That's the top voted challenge of regulatory change management - as you can see from the live poll we had today at the RegTech Summit 2022 in London! Usually, the compliance officers in the financial institutions say: “Because of the complexity, you need Me. And you need another 5 of Me to add to our existing team of 20 people.” So, you hire more humans who become more and more frustrated and the result is just inefficient manual horrendous work.
The regulation is so complex and it cannot be done manually anymore. You need software tools that are flexible by design and ready to be configured. We always got the question: how big is your company? And we say: we have 14 customers (financial institutions). And they say: no, how many employees? And we just refuse to answer to this question as it is not relevant nowadays for a software company. The power of a software company is to be able to automate its internal processes and design & use software tools to gain time.
Nowadays, the number of employees is inversely proportional to the degree of digital transformation of the organization! So, when you hear the question: How many people work in a software company, you understand that the person who is asking that question lives in the past! Such a company can never help you with the digital transformation of your organization, when they didn't do it for themselves yet!