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Banking and Financial Services Institutions across the globe are struggling to keep pace with regulatory change, and, quite often, grappling with the sheer volume and the complexity of these updates can be a laborious, up-hill battle. According to a survey by MetricStream which polled the responses of 123 compliance professionals across North America and Europe, 19% of the respondents reported taking up to a year to implement regulatory changes. Considering the magnitude of change that ...
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BetaRegulatory changes are frequent visitors in the world of business. Sometimes, these changes occur in the blink of an eye, and organizations that fail to realize them (unknowingly) end up on the wrong side of the law. Keeping pace with complex regulatory changes demands a proactive approach. Businesses must arm themselves with advanced compliance management...
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BetaRegular communication and updates on regulatory changes keep employees informed and prepared. 8. Reviewing of Compliance. ... Regulatory changes often occur at a rapid pace, driven by factors such as technological advancements, geopolitical shifts, and emerging risks. Keeping up with both the volume of regulatory changes and understanding their implications can be daunting. ...
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BetaToday's changing business landscape brings with it a myriad of regulatory challenges, including large volume and pace of changes to laws and regulations across jurisdictions, states, and countries. The regulatory landscape is constantly evolving, and understanding it demands a deep knowledge of the organization's operations, past, present, and future.
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BetaThis leads to a key question, how do organisations keep pace with regulatory change and manage requirements efficiently? When a significant body of regulatory work is identified (often associated with a broadly communicated, major industry implementation), organisations will often form dedicated teams to manage the implementation. However, it is the persistent flow of smaller regulatory changes – which often fall on other teams to manage and implement – which causes a persistent backlog ...
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BetaFrequency of Change: Over the past half-decade, there's been a more than twofold increase in the number of regulatory changes. Regrettably, most organizations haven't augmented their resources or processes accordingly. Global Context: Regulatory changes aren't localized phenomena. Regulations, regardless of where they originate, often have ...
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BetaFor risk and compliance professionals, the challenge is twofold: keeping up with regulatory changes while ensuring their organisations remain compliant in a cost-effective, efficient manner. Failure to do so can lead to penalties, reputational damage, and operational disruptions. ... The rapid pace of regulatory change makes manual compliance tracking unsustainable. Organisations must invest in compliance management or regulatory technology ...
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BetaThe next crucial aspect of regulatory change management is to keep updated on when regulations are likely to change, expire, or undergo revisions. This might involve monitoring government & regulatory websites, and interacting with industry associations, newsletters, and professional networks. ... ensuring they keep pace with changing rules and regulations. Once the software is embedded, it creates a comprehensive regulatory change program complete with an ‘obligations register’ – with ...
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BetaThis leads to a key question, how do organisations keep pace with regulatory change and manage requirements efficiently? Governance is key. The first thing successful organisations have is a clear governance structure – a process through which any new change is assessed. Critically this governance structure will define the roles and responsibilities associated with assessing future regulatory changes:
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BetaIf keeping up with regulatory change is a challenge, efficient and effective implementation can be more taxing bearing in mind that not only must regulatory changes be made, but also changes to associated controls, risk management, and policies. ... The expected pace of regulatory change going forward; How to keep on top of regulatory change on a global basis; Best practice approaches to holistic change management; Helpful technologies, tools, data services and solutions ...
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