Mounting regulatory scrutiny and an ongoing talent shortage are making it difficult for many financial institutions to maintain
an ample pool of talent for their control functions, which include internal audit, compliance, risk, and finance. They need more employees in their control functions to handle the growing workload. They need employees with more expertise, too.
Meanwhile, these efforts are being hampered by higher talent turnover and rising compensation costs.
The cloud has a ton of benefits to offer and these are well documented. Just be prepared that most changes are generally never quite as perfect, or as bad, as you might have thought. Change requires an adjustment and moving toward the cloud is no different.