article thumbnail

6 Reasons Financial Institutions Are Embracing Risk and Regulation Tactics

Perficient Digital Transformation

Legal Obligations and Regulatory Frameworks It is well-known that financial institutions operate within a complex web of laws and regulations. By streamlining processes and ensuring compliance with regulations, banks can reduce the likelihood of errors, fraud, and other operational inefficiencies that could threaten their stability.

article thumbnail

Navigating Payroll Outsourcing Regulations

Paysquare

However, it is crucial to note that the industry is subject to rigorous regulations, encompassing a multitude of rules and prerequisites that differ depending on the business type and location. To navigate these regulations efficiently, companies must be aware of their obligations. from 2021 to 2026.

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How to implement the General Data Protection Regulation (GDPR)

IBM Services

The General Data Protection Regulation (GDPR), the European Union’s landmark data privacy law, took effect in 2018. Irish regulators hit Meta with a EUR 1.2 Special category data includes biometrics, health records, race, ethnicity, and other highly personal information. billion fine in 2023.

article thumbnail

5 Best Areas for Automation in Finance

Automation Anywhere

Reporting errors and/or delays can result in significant scrutiny from regulators and investors. Robotic Process Automation (RPA) has been driving greater efficiency, accuracy, and compliance in finance departments for several years. RPA can improve operational efficiency, timeliness, and accuracy by automating these manual steps.

Finance 145
article thumbnail

How to Select the Right AP Automation Partner for Your Organization

Metasource

Modern finance leaders are pursuing accounts payable (AP) automation solutions with several goals in mind… Maybe you want to eliminate manual data entry and give your staff back time for more high-value tasks. Strive for Complete Automation Did you know only 10% of organizations have achieved full AP automation?

article thumbnail

How Process Mining Accelerates Efficiency for Highly Regulated, Customer-obsessed Industries

Perficient Digital Transformation

In the dynamic environment of highly regulated industries like healthcare and financial services, leaders often balance competing goals to delight customers while cutting costs. This has challenged many organizations to better optimize and intelligently automate business processes and experiences.

article thumbnail

Cloud Takes Center Stage at 2023 Bank Automation Summit

Perficient Digital Transformation

Recently, I attended the 2023 Bank Automation Summit , where one of the significant topics of discussion was how banks navigate their transition to the cloud. Security Traditionally, information was said to be most secure when separated and segmented.

Banking 115