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Oliver Wyman: Banks must hire coders for compliance

Banks’ compliance functions are striving for Goal Zero.

Banks must hire a new profile of employee with programming, data analytics, and machine learning experience
Banks must hire a new profile of employee with programming, data analytics, and machine learning experience Photo: iStockPhoto

Banks’ compliance functions are striving for Goal Zero.

Their aim is to achieve zero regulatory breaches, thus avoiding subsequent reputational and financial damage. Realising this goal, however, won't be easy. Compliance functions must contend with waves of new regulation and with increasingly sophisticated techniques being deployed by those actors intent on breaking the rules. And they must do so under tight budgetary constraints.

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