Corporate Vision January 2017

86 CORPORATE VISION / January 2017 , Solutions4Strategy is a fast growing global RegTech (Regulatory Innovation) business. They are leading the market with new innovation to tackle the regulatory burden faced by financial institutions. Banks alone spend $70 billion a year globally on compliance, and the banking sector will spend $200 billion on regulatory innovation to contain this cost. Solutions4Strategy is breaking down the barriers created by compliance, not only cutting costs and streamlining compliance, but also helping to kick-start growth and increase margins. They are able to overcome the complexity, costs and restrictions caused by regulation. For instance, they helped a client in Australia to grow 100% organically within a year. As a bank, this client faced considerable regulatory pressures restricting such growth. Solutions4Strategy assisted them to demonstrate to regulators and to the board that such growth could be achieved through manageable risk. Solutions4Strategy differentiates themselves from other service providers by integrating strategy, regulation and innovation. When others are charging premium pricing for what is just check box compliance, Solutions4Strategy is focused on helping businesses to grow and prosper within RegTech Transforming Regulatory Pain into Results How can you drive solid growth and increasedmargins in amarket that is complex, strongly regulated and highly competitive? How can you stop regulation restricting innovation? How can you develop an agile business that can out-shine the newmarket disruptors? How can you cut back growing compliance costs and better informdecisionmakers? A growing number of business leaders are turning to Solutions4Strategy to resolve these issues and they are seeing the results. compliance boundaries. It is an approach that is guaranteeing success for their clients whilst other businesses struggle with flat growth and squeezed margins. David Jordan, the Global CEO, points out that businesses can no longer afford software that just automates compliance. It has to do more than just shrink bureaucracy to deliver a ROI. It has to add value to the business and help the business to grow. David quoted what the head of Market Risk at a Hong Kong bank complained about, “We spent $2M on just automating reporting for regulators. As part of that process, we failed to deliver better information for the board and decision makers. We needed to provide better support to decision makers for them to grow the business and margins in a highly competitive and regulated market.” Like many business leaders, you would be considering innovation as key to driving growth and increasing margins. However, there is no point investing in innovation, if: - 1. The board and decision makers are unable to satisfactorily assess the risks and thereby are reluctant to take on the new opportunities 2. The compliance bureaucracy creates obstacles and delays whilst compounding cost. These are the dilemmas that lead to 80% of innovation projects failing to deliver expected results. For instance, how does a business challenge the status quo, when compliance is conservative about change? How do you grow business, when the only areas growing are compliance, regulation and risk? Why despite investing more on risk, are boards even less prepared to take on risk? How does the business progress, when finance and compliance are distracted most of the time compiling reports? How do you increase margins and grow when decision makers don’t feel they are informed enough to support new strategies? These are some of the issues that have to be resolved for the business to flourish in challenging times. Solutions4Strategy provides the answer with an enterprise solution that combines integrated reporting, strategy, regulatory reporting and financial reporting together. They create an environment of one truth, through removing duplication. By moving to this enterprise solution, businesses are able to dismantle their risky and complex spreadsheet empire. The system quickly pays for itself in resolving delays and avoiding the costly errors that have occurred in the past. However, it is the ability of the system to allow businesses to model the impact of innovations that is of great interest. For instance, one client was facing digital disruption from an internet savings product. They ran through several simulations using Solutions4Strategy’s software to work out the best way to compete with this product. At the end of that year, they were awarded the best internet banking product of the year. They were able to test the product before they even put the marketing collateral and software solution together. It is not just about technology; it is about understanding the customer’s problems. There are many innovation experts and compliance experts, but there are few that understand both well. David Jordan, the CEO, is the author of ‘The CEO Innovation Blueprint’. He wrote the book in response to the high failure rate of innovation projects. In his book, David referred to the compliance bureaucracy as one of the key issues stopping innovation and growth. Whilst a business cannot just kick out its policies and procedures, those policies and procedures are stopping innovation. Innovation leaders need to look at how to navigate this challenge. 1701CV22