Within that world, regulations will always continue to be added, repealed, and amended – all with associated risk. Firms must be ready. But how best to manage the accompanying change? This briefing explores why we believe a robust horizon scanning mechanism is now even more essential to firms’ ability to identify, understand and prioritise your response to regulatory change.
At the end of 2019, the world had no idea about COVID-19. Brexit ruled the media. Then 2020 arrived with a bang. COVID-19 pushed Brexit into the background as the financial industry began grappling with pandemic’s myriad implications. Suddenly, all those well thought out business continuity plans were no longer viable. Secondary sites were replaced by employee kitchens and basement offices. The availability of hardware for home offices, widespread adoption of collaborating technologies and the management of employee health took centre stage as firms were forced to revisit how they could continue to be compliant while operating within the predominantly ‘work from home’ model that increasingly looks set to stay.
The impact of COVID-19 has been broad. Running alongside the recommendations of health organisations, financial industry regulators too have been busy, revisiting effective dates for pre-COVID initiated changes while also considering the needs of AML, KYC and privacy for an industry dragged at increasing speed into a digital world.
All this has also accelerated the already existing challenge of how firms can identify key regulatory changes of interest before they are implemented, especially given multiple business and product lines, and geographies. We regularly see firms struggle to ensure consistency in their identification of such changes, as well as in ensuring they have enough lead time to prepare and prioritise the appropriate response…
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