Australian banks are spending $300 million per year on this
A startup wants to save banks hundreds of millions of dollars spent on compliance.
An Australian startup is looking to help banks and financial institutions worldwide save on training, compliance and fines that can cost hundreds of millions of dollars. If the Parliamentary Inquiry showed us anything, it's how important it is for banks to stay compliant.
GRC Solutions, a heavyweight in the RegTech (regulatory technology) space, is using adaptive eLearning technology to help organisations meet regulatory requirements and improve training outcomes in a more cost-effective way. Banks in Australia have spent over $300 million each year on compliance, and 20 of the world's biggest banks have paid more than $235 billion in fines.
"One client told us that every hour of mandatory training costs them $30 million in lost productivity,” said GRC managing director, Julian Fenwick.
Regular training is mandatory for banks, with it now being common for bank employees to have more than 40 hours of training per year. GRC's platform recognises prior learning which can reduce these hours.
"We see the regulatory technology and compliance area really taking off and there is an increasing need for banks to be more efficient and effective in what they do," said Fenwick.
GRC, which was recently a finalist at the NSW Premier's Export Awards in the education and training category, currently has over 150 clients, including American Express. The financial services provider is using GRC's platform to train over 10,000 people annually in anti-money laundering in eight languages.
GRC is continuing to expand globally, now having operations in Singapore and the US, as well as "keeping an eye on the European market, particularly post-Brexit."