Regulatory Compliance: The Unintended Comedy of Errors in BFSI
Spending time responding to regulatory findings is a major pain point for many in the BFSI vertical. Regulatory compliance is a time sink, often leading to a checkbox approach and deteriorating security posture. Reforming regulatory agencies to be more flexible and agile might just be the ticket to improving compliance woes.
Hot Take:
Ah, regulatory compliance in BFSI – the gift that keeps on giving… headaches. Ever thought regulatory paperwork might actually be an ancient endurance test? Just kidding, it’s just bureaucracy. Who knew that “unintended consequences” would be the new buzzword for “Oops, we made it worse”? But hey, if ticking boxes were an Olympic sport, BFSI would be bringing home the gold! Maybe it’s time for a regulatory revolution – viva la flexibility and timeliness!
Key Points:
- Regulatory compliance in BFSI is a major time sink, overshadowing other priorities.
- Regulations are often rigid, lacking flexibility for real-world application.
- Compliance demands often lag behind current security threats.
- Regulatory processes suffer from subjectivity and lack agility.
- Unintended consequences include a checkbox approach and deteriorating security postures.