For financial institutions, it seems as though Regulatory changes are happening constantly. Dealing with the ever-increasing volume of new regulatory requirements adds a layer of complexity and requires resilient, adaptable and diligent operational management.
After the collapse of Lehman Brothers and the subsequent global economic crisis, it seems that we’re faced with a never-ending stream of new rules and regulations.
However, for better or for worse, regulatory pressures will continue to mount and it is essential for organisations to not only address the increasing compliance costs, but also develop a sustainable model in order to perform efficient regulatory change management.
Regulated firms will continue to face new and updated regulatory requirements that are not only complex and time consuming, but can also cross over national borders , jurisdictions and in some instances, are conflicting. Businesses have also in recent years come under increased pressure to adhere to new global data protection and information security regulations.
