Global financial meltdown and subsequent front-page risk management failures highlight that financial services firms have still not developed effective systems for truly controlling risk. New regulations spawned in the wake of the meltdown are exacerbating the problem for these companies by further complicating their operations and overburdening existing inflexible IT systems. Continuing the practice of installing a new system and new staff to deal with each new regulatory program increases complexity while degrading the customer experience, opening the way for companies that can meet this challenge to take away business.