Question

Discuss the impact of technology on the compliance function in the financial services industry.

Answer 1

Technology has played a vital role in all aspect of service industry. In the case of financial service industry the imact was more favourable then adverse. Compliance function in terms of Audit, review, performance appraisal etc are now technology driven. Technology has worked in favour by reducing the paper work, automatic calculation of EMI interest, clear flow fo communication, Robust system.

Note - Answer is kept short as word limit was not specified. :)