Article: Compliant by Design? Or just good fortune and hard work?22 March 2017 | Ian Sutherland
For the last 10 years financial services have been absorbing a relentless torrent of regulatory change that has, amongst other things, tested and changed operating models, demanded ever more detailed reporting and drained resources from and impeded other business improvement initiatives. This is especially hard for firms with international operations who have to comply across numerous business lines and multiple jurisdictions.
While most firms have achieved timely compliance with the various rules and regulations and would, I am sure, claim they are still compliant, there must be doubt about exactly how robust this assurance is. The changes have become increasingly complex and inter-connected, yet globally they have been poorly co-ordinated. While looking similar, they have often differed in critical ways as local and political overlays have been applied to detailed implementations.