Continuously changing regulatory landscape is one of the main challenges for all financial institutions, regardless of their size. There is a demand from regulators, clients as well as society, that the regulations are well embedded across the whole financial sector. Currently, compliance is more than a demonstration of fulfilling regulator’s demands, it’s a way of doing business, globally.
- Complex regulatory landscape poses a challenge for all financial institutions. 49% of financial service companies cite complying to regulations as their greatest challenge*.
- Globalization and digitalization contribute to regulatory complexity.
- Demonstrating compliance is a must – not only a company needs to comply, compliance needs to be evident to third parties (regulators, clients, society).
- Non-compliance is not an option – compliance is as important as growing the business.
*Business Perceptions Survey 2018, Department for Business, Strategy and Industrial Strategy, UK. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/720434/Business_Perception_Survey_2018.pdf