Compliance as Business Development Potential in the Credit Institution Sector

Pelei, Andrea Edina and Bognár, Ferenc and Benedek, Petra (2024) Compliance as Business Development Potential in the Credit Institution Sector. FINANCIAL AND ECONOMIC REVIEW, 23 (3). pp. 171-192. ISSN 2415-9271

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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.

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