Agility and compliance – an unlikely match
Compliance is known for rigid rules and high risk, an area where mistakes can cause high collateral damage. It is not an environment in which you would naturally place agile ways of working. However, more agile working methods can cut bank’s compliance IT spending by 20% to 30% and significantly improve their ability to deliver regulatory projects on time.
The traditional approach to regulatory projects can result in waste. During the requirement phase the project team tries to address every possible contingency while they don’t have all the necessary information to adequately do so. When new requirements are announced the whole solution must be reworked and with that the launch is further and further delayed. Not an ideal situation.