Template-Type: ReDIF-Article 1.0

Author-Name: Andrea Pelei
Author-Workplace-Name: Budapest University of Technology and Economics
Author-Email: andrea.pelei@yahoo.com
Author-Person:

Author-Name: Ferenc Bognar
Author-Workplace-Name: Budapest University of Technology and Economics
Author-Email: bognar.ferenc@gtk.bme.hu
Author-Person:

Author-Name: Petra Benedek
Author-Workplace-Name: Budapest University of Technology and Economics
Author-Email: benedek.petra@gtk.bme.hu
Author-Person:

Title: Compliance as Business Development Potential in the Credit Institution Sector

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.

Classification-JEL: G28, G32
Keywords: compliance management, risk management, innovation, business development, credit institutions
Pages: 171-192
Volume: 23
Issue: 3
Year: 2024
File-URL: https://en-hitelintezetiszemle.mnb.hu/letoltes/fer-23-3-e1-pelei-bognar-benedek.pdf
File-Format: Application/pdf
Handle: RePEc:mnb:finrev:v:23:y:2024:i:3:p:171-192