Utilities: A year on
Financial crime compliance utilities have gained increasing support as a concept. What steps have been taken to date, and what have we learned from ongoing initiatives? Can the utility model deliver sought-for efficiency gains and cost savings, while supporting effective compliance programmes? In what areas has the utility model shown the greatest promise, what has been the level of industry engagement to date, and what challenges and barriers remain? Are we seeing greater clarity in terms of which compliance functions and responsibilities banks are willing to offshore, and which they are committed to maintaining fully in-hand? What new utility models will make headlines in 2016?