Independent market study reveals need for greater automation and opportunity for financial services firms to set standard in employee compliance software
ROCKVILLE, Md., Nov. 9, 2023 /PRNewswire/ — StarCompliance (“Star”), a leading SaaS provider of employee compliance technology solutions, continues their expansion into the United Arab Emirates (UAE) to meet the region’s growing need for automated employee compliance software solutions. To provide a more detailed picture of the Emirates’ employee compliance landscape, Star commissioned an independent market survey of compliance professionals at financial services firms in the UAE, including insurance providers, private equity companies, insurance brokers, retail banks, and investment banks.
The independent research provides an in-depth analysis into the employee compliance landscape of the Emirates. Key insights from the survey include:
- 90% of respondents cover multiple areas of compliance
- 38% of firms surveyed still rely on manual compliance processes
- 26% of respondents do not have access to a third-party compliance software solution
- 16% of firms are currently using AI tools for compliance monitoring
- 40% of firms struggle to build compliance infrastructure to comply with new regulations
The overwhelming majority of respondents (81%) stated their firms were already using a compliance software solution, with 73% confirming that they were using a third-party solution. However, of the wide range of solutions they listed, most are not designed specifically for employee compliance, which is likely a contributing factor in the challenges respondents indicated they were experiencing. The full results and in-depth analysis of Star’s UAE market study were published today and are available to download here.
“As a major financial hub with a world-class reputation, the UAE is the regional base of choice for many multinational companies, which are expected to maintain the highest standards of employee compliance,” said Jennifer Sun, CEO of StarCompliance. “However, the current lack of automated, fully integrated, specialist solutions place financial services firms at a disadvantage and creates avoidable strain for compliance professionals.”
Iain Kennedy, Director of Global Sales at StarCompliance, commented: “Adopting third-party vendor compliance software will equip these firms with the tools they need to remain compliant, increase efficiency, and alleviate the burden on their compliance teams so they can focus on high-value activities. It will also allow firms in the UAE to set the standard and become the regional benchmark in employee compliance. Star is well-positioned and ready to help these firms seize this opportunity.”
Star recently complemented its existing offering in the region with the acquisition of Ethix360, adding cloud-based incident and policy management, compliance training, and whistleblowing solutions to their compliance platform.
A proud sponsor of next week’s 7th Annual MENA Regtech forum, Star has more than 20 years’ experience building configurable compliance technologies supporting over one million users around the globe in a broad range of industries, including financial services.
About StarCompliance
StarCompliance is the world’s leading provider of employee compliance technology solutions. Trusted globally by forward-thinking companies in 114 countries, Star’s future-ready compliance platform delivers on-demand configurability, multi-jurisdictional integrity, and the actionable intelligence you need to monitor for conflicts, meet regulatory obligations, and reduce risk. Compliance no longer needs to be complex. Check out Star’s intuitive, straightforward UX and give your employees the multi-layered protection they need to comply with confidence. www.starcompliance.com
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