Addressing the Contemporary Challenges of Business Process Compliance: The Case for Process Mining in the Banking Industry

Abstract

The aim of business process compliance (BPC) is to ensure that business processes are executed in accordance with a prescribed set of rules. In practice, the evidence would suggest that achieving this goal is challenging. Penalties and subsequent remediation costs in the Australian banking industry amounted to over A$10bn between 2017 and 2022. The research community has identified many challenges, but the industry perspective is typically missing from that research. The study takes advantage of recent events in the Australian banking industry that saw detailed regulatory reports made public, highlighting the challenges the industry faces trying to maintain compliance. The study suppleme..