Financial institutions are having a tough time. It's not just the business challenge in a wary and weary post-recession economy, it's the practical challenge to handle a dramatically increased regulatory burden without blowing the legal budget that keeps legal and procurement managers up at night. Evolving "regtech" solutions are promising in facilitating a technological solution for data analysis for compliance purposes, but vendors - knowing the mission-critical focus on compliance - may be taking advantage of buyers by pricing solutions based more on fear than on actual costs. Third party consultants who are experts in product pricing and usage can be of invaluable assistance in ensuring the right solution - at the right cost.
[T]he six largest US banks spent US$70.2 billion on compliance in 2013, twice the US$34.7 billion spent in 2007.1 In 2015, the Financial Times estimated that some of the world’s largest banks each spent an additional US$4 billion a year on compliance since the financial crisis.