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Regulatory 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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BetaThe rapid pace of regulatory change makes manual compliance tracking unsustainable. Organizations must invest in compliance management or regulatory technology (regtech) solutions that automate compliance workflows and provide real-time insights into regulatory risks. The role of regtech in compliance. Regtech enables organizations to:
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BetaBanking 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 ...
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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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BetaRegular communication and updates on regulatory changes keep employees informed and prepared. 8. Reviewing of Compliance ... national, and international levels. 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 ...
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BetaRegulatory Change Is Nonstop, but Manageable . Every regulatory environment is continuously evolving. Especially in today’s most highly-regulated industries, staying one step ahead of requirements is one of the legal profession’s biggest hurdles. With the help of these online strategies, keeping pace with the constant change is more manageable.
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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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BetaRegulatory change is neither slowing nor receding. Even though regulators continue to review the applicability and benefit of some requirements, the pace of new additions far outstrips any retirements. This pace of regulatory change has resulted in many organisations implementing manual processes, however, this model is unsustainable going ...
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BetaHowever, this manual approach is not enough for most organizations to keep pace with regulatory changes today. In the 2023 Thomson Reuters Risk & Compliance Survey Report, more than half (53%) of corporate risk and compliance professionals said they were addressing increased regulatory scrutiny with more sophisticated technologies.
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BetaRegulatory change occurs at a rapid pace driven by technological advancements, customer expectations, legal requirements, emerging risks, and geopolitical shifts – making the act of regulatory compliance a daunting task. ... ensuring they keep pace with changing rules and regulations. Once the software is embedded, it creates a comprehensive ...
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