Compliance as Business Development Potential in the Credit Institution Sector

Andrea Pelei (), Ferenc Bognar () and Petra Benedek ()
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Andrea Pelei: Budapest University of Technology and Economics
Ferenc Bognar: Budapest University of Technology and Economics
Petra Benedek: Budapest University of Technology and Economics

Financial and Economic Review, 2024, vol. 23, issue 3, 171-192

Abstract: Regulatory compliance, often perceived as a burden by organisations, offers untapped opportunities for business development. By adopting, implementing and improving relevant standards and good practices, companies can increase stakeholder confidence, improve organisational reputation and reduce the legal, financial, business and reputational risks arising from various non-compliances. Drawing on literature research, the paper shows that compliance with regulations typically fosters an internal organisational environment and culture where innovation, excellence and sustainable growth can be created. Complex compliance management activities can help identify market opportunities, stimulate product development and improve customer experience. Compliance and innovation are compatible approaches that support long-term success.

Keywords: compliance management; risk management; innovation; business development; credit institutions (search for similar items in EconPapers)
JEL-codes: G28 G32 (search for similar items in EconPapers)
Date: 2024
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