CAN DIGITIZATION TURN COMPLIANCE INTO A COMPETITIVE ADVANTAGE?

EXECUTIVE SUMMARY
More than 80 regulatory reforms have been passed since the global financial crisis
began in 2008 – and they are touching areas of financial services that weren’t affected
before – such as Product Management. Regulations like the Alternative Investment
Fund Manager Directive (AIFMD), Packaged Retail and Insurance-based Investment
Products (PRIIPS), the Markets in Financial Instruments Directive II (MiFID II) and
the Dodd-Frank Act are demanding more transparency, reporting and collaboration in
the design and sale of financial products. At the same time, the UK’s Financial Conduct
Authority requires financial institutions to respect Conduct of Business (COB) rules that
provide detailed guidance on how staff and representatives of regulated businesses
should deal with customers.
Many institutions are finding that their traditional product management processes need
to change. But how can they turn regulatory compliance into a competitive advantage?
Businesses in other regulated industries like aviation, life sciences and the automotive
industry have been using digitization – the integration of digital technologies throughout
the business – to automate processes to improve governance and compliance, increase
efficiencies and reduce costs. Financial institutions are beginning to realize they can
benefit from the experience of these other industries to harness digitization and
achieve their goals.
Dassault Systèmes has helped organizations in the life sciences, aviation and automotive
industries to thrive in the face of regulatory scrutiny for more than 30 years. Now it has
brought that experience, knowledge and expertise to financial services.

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