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Build in-house or buy from a vendor for compliance tools? I'm torn.
I'm at a startup in Toronto and debating whether to build our own AML compliance software or pay for a third party like Trulioo. Building would cost around $50k upfront but give us full control, while buying saves dev time but locks us into a contract. Has anyone here gone one way or the other and regretted it?
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claire_gibson12d ago
Fiona, @fiona985, I'd bet that 50k number is missing some zeros if you count the time your team spends on regulatory updates. Our CTO looked at building once and the hidden costs like maintaining compliance with changing laws ate us alive. You also have to think about liability - if your in-house tool misses something, that's on you. We went with a vendor and the only regret was not doing it sooner, honestly.
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ellis.susan12d ago
Read a Gartner report last year that said companies underestimate compliance maintenance costs by about 60% on average. @claire_gibson, you're right about the liability piece too - my old company had a junior dev miss a SOX update and the fine was way more than any vendor contract. The ongoing cost of people to watch every regulatory change adds up fast.
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