APAC CIOOutlook

Advertise

with us

  • Technologies
      • Artificial Intelligence
      • Big Data
      • Blockchain
      • Cloud
      • Digital Transformation
      • Internet of Things
      • Low Code No Code
      • MarTech
      • Mobile Application
      • Security
      • Software Testing
      • Wireless
  • Industries
      • E-Commerce
      • Education
      • Logistics
      • Retail
      • Supply Chain
      • Travel and Hospitality
  • Platforms
      • Microsoft
      • Salesforce
      • SAP
  • Solutions
      • Business Intelligence
      • Cognitive
      • Contact Center
      • CRM
      • Cyber Security
      • Data Center
      • Gamification
      • Procurement
      • Smart City
      • Workflow
  • Home
  • CXO Insights
  • CIO Views
  • Vendors
  • News
  • Conferences
  • Whitepapers
  • Newsletter
  • Awards
Apac
  • Artificial Intelligence

    Big Data

    Blockchain

    Cloud

    Digital Transformation

    Internet of Things

    Low Code No Code

    MarTech

    Mobile Application

    Security

    Software Testing

    Wireless

  • E-Commerce

    Education

    Logistics

    Retail

    Supply Chain

    Travel and Hospitality

  • Microsoft

    Salesforce

    SAP

  • Business Intelligence

    Cognitive

    Contact Center

    CRM

    Cyber Security

    Data Center

    Gamification

    Procurement

    Smart City

    Workflow

Menu
    • Compliance
    • Cyber Security
    • Hotel Management
    • Workflow
    • E-Commerce
    • Business Intelligence
    • MORE
    #

    Apac CIOOutlook Weekly Brief

    ×

    Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Apac CIOOutlook

    Subscribe

    loading

    THANK YOU FOR SUBSCRIBING

    • Home
    Editor's Pick (1 - 4 of 8)
    left
    Welcoming Big Data Technology amidst Changes

    Darren Cockrel, CIO, Coyote Logistics

    Leveraging Compliance to Your Advantage

    Mark Bloom, Global CIO, Aegon

    Demystifying the Role of IT in Millennial Organizations

    Jeff Fithian, VP, Strategic Initiatives and CIO, Dynamic Materials Corporation

    Productivity and Security- Can you ever have both?

    Julie Cullivan, SVP, Business Operations & CIO, Fireeye

    Lessons Learned from a CIO

    John Miller, Vice President and CIO, American Textile Company

    New Hr Capabilities To Face Evolving Technologies

    Anti Deisnasari, Director Of Compliance, Seabank Indonesia

    Strengthening The Compliance Fortress In The Banking Sector

    Chuan Lim Ang, Managing Director And Sg Head Of Compliance, Cimb

    Navigating Legal Challenges By Adapting To Technological Shifts

    Valerie Feria Amante, Chief Legal, Ethics & Compliance Officer, Jollibee Group Of Companies

    right

    Impact of Digital Transformation of Financial Services

    Maaike van Meer, General Counsel, Aegon Asia

    Tweet
    content-image

    Maaike van Meer, General Counsel, Aegon Asia

    In 1933, in the wake of the 1929 Wall Street Crash, the United States Congress established the Federal Deposit Insurance Corporation (FDIC) and prohibited the combination of commercial and investment banking, imposing broad restrictions on what was then seen as speculative bank activities. This regulation, with various other banking reforms, became the Banking Act of 1933, colloquially known as the Glass-Steagall Act. Since then, many regulations have followed which has brought us where we are today, an environment where technology-based solutions are imperative to support expanding regulations and requirements for transparency.

    Typically, the emergence of new regulations is peaking after a financial crisis or high profile fraudulent incident. However, we should not underestimate the continuous evolution of existing regulations, as well as the efforts of regulators to establish more transparent, standardized and detailed reporting requirements. Compliance work is not limited to satisfying the compliance regime; there are the equally dominant implementation aspects of new and changing regulations:

    New regulations

    A large number of new regulations have been implemented over the last decades around risk and capital (i.e. Solvency, RBC), accounting and reporting standards (i.e. IFRS), tax harmonization (f.e. CRS), privacy regulations (i.e. GDPR) and the global anti-corruption measures (i.e. FCPA).

    Changing regulations

    Regulations tend to get relaxed when higher risk appetites grow, which is typical for booming economic cycles. After economic contractions, politicians and regulators tend to pressure financial services institutions towards a more stringent compliance culture.

    These regulations, the changes that come with it and the ever-growing requirement for straight through process and transparency does not align well with (decades) old information and process architectures that are embedded in the legacy work processes and computer systems that perform a large part of transactions in financial services.

    The Aim was to Automate the Capital Requirement Analyses as Required, a Task So Large that It Had to be Automated to Deal with the Volume and Complexity

    The required changes required are expensive to carry through.

    Compliance officers should no longer be ticking boxes or being perceived as “business prevention officers”. Interpretation of new or changing regulations and aligning these with corporate strategy while balancing risk appetite requires a compliance officer who is able to navigate both the rules as well as the commercial strategy. Whatever the outcome of that process, it will have a profound impact on the underlying processes and systems and operations, which requires a level of agility that is difficult to implement in computer systems.

    One of the early layers of regulatory technology that was implemented by large financial institutions, as a response to the Basel II Capital accord, was based on integrated technology underlying – or imposed on - their internal processes. The aim was to automate the capital requirement analyses as required, a task so large that it had to be automated to deal with the volume and complexity.

    Post the global financial crisis, regulators started to enhance their own monitoring systems and required more frequent, more detailed and more volume of data from the financial services industry to be fed into their systems; resulting in a de-facto digital interface with regulators.

    Nowadays, regulators are looking for greater granularity, precision, and sophistication, both from a transparency perspective, as well as from a technology perspective dealing with data and analysis.

    We have now working in an environment where each year, hundreds of regulatory changes are implemented and hundreds of billions of fines have been handed out. Meanwhile, the industry is transforming towards digital and a client-centric business models, which will drive innovation of product and client propositions. The emergence of digital business models has led to high profile cyber incidents that increased awareness that cybercrime is one of the main threats to our financial ecosystems and with that perhaps to society. Regulators will require more insight to monitor these innovative products and transactions to catch-up with market manipulation and risks.

    This is an environment of ever-increasing cost of compliance and exponential growing complexity which makes it reasonable to assume we are only scratching the surface of what the future technology-based solutions will need to deliver in order to support expanding regulations, requirements for transparency and growing awareness and exposure of cybercrime. I am hopeful that we are also only scratching the surface of the transformative power of technology in the regulatory environment.

    tag

    Financial

    Regulatory Technology

    Weekly Brief

    loading
    Top 10 Compliance Solutions Providers in APAC - 2025
    ON THE DECK

    I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

    Read Also

    Listening Beyond Hearing

    Listening Beyond Hearing

    Salvatore Incardona, Head of IT, Amplifon Australia
    Modernizing Lending Through Innovative, Secure and Scalable Technology

    Modernizing Lending Through Innovative, Secure and Scalable Technology

    Steven Meek, Chief Information Officer, Pepper Money
    Advancing the Chemical Industry through Digital Transformation

    Advancing the Chemical Industry through Digital Transformation

    Jan Mandrup Olesen, Global Head of Digital Business, Indorama Ventures
    Cultivating a Sustainable Future through Collaboration

    Cultivating a Sustainable Future through Collaboration

    Jiunn Shih, Chief Marketing, Innovation & Sustainability Officer, Zespri International
    Mastering Digital Marketing Strategies

    Mastering Digital Marketing Strategies

    Tasya Aulia, Director of Marketing and Communications, Meliá Hotels International
    Building a Strong Collaborative Framework for Artificial Intelligence

    Building a Strong Collaborative Framework for Artificial Intelligence

    Boon Siew Han, Regional Head of Humanoid Component Business & R&D (Apac & Greater China), Schaeffler
    From Legacy to Agility Through Digital Transformation

    From Legacy to Agility Through Digital Transformation

    Athikom Kanchanavibhu, EVP, Digital & Technology Transformation, Mitr Phol Group
    Change Management for Clinical Ancillary Teams: Aligning Practice with Policy and Progress

    Change Management for Clinical Ancillary Teams: Aligning Practice with Policy and Progress

    Ts. Dr. James Chong, Chief Executive Officer, Columbia Asia Hospital – Tebrau
    Loading...
    Copyright © 2025 APAC CIOOutlook. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy and Anti Spam Policy 

    Home |  CXO Insights |   Whitepapers |   Subscribe |   Conferences |   Sitemaps |   About us |   Advertise with us |   Editorial Policy |   Feedback Policy |  

    follow on linkedinfollow on twitter follow on rss
    This content is copyright protected

    However, if you would like to share the information in this article, you may use the link below:

    https://compliance.apacciooutlook.com/cxoinsights/impact-of-digital-transformation-of-financial-services-nwid-6290.html