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Volume 32, Issue 2

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Monday, 15 April 2019 15:54

How Organizations Can Manage Regulatory Change In an Era of Hyper-Regulatory Scrutiny

With regulations domestically and abroad changing constantly, the risk of noncompliance is ever present. Fenergo’s Rachel Woolley discusses how this will impact functions beyond compliance.

Regulatory activity has been ramping up recently, and it doesn’t look to be slowing down in 2019. In an era of hyper-regulatory scrutiny, financial institutions find themselves in a constant battle between impending regulatory deadlines and the risk of noncompliance. Add to this the complexity of cross-jurisdictional regulations that vary across different countries even within the same region. The Asia-Pacific region is a prime example; with over 40 regulators in the same region, each with slightly varied rules and requirements, adhering to cross-border regulatory requirements is extremely challenging.

But it’s not just the compliance teams who are affected. As the challenge of regulatory change management increases, divisions and activities beyond the compliance function may potentially be impacted, including data management, operations, client-facing teams, client experience and time-to-revenue. The process needs to be managed and measured methodically in order to manage wide-ranging regulatory change in line with available budgets and resources.

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https://www.corporatecomplianceinsights.com/how-organizations-can-manage-regulatory-change-in-an-era-of-hyper-regulatory-scrutiny/