Regulatory change is the end-to-end management of the regulatory lifecycle by regulated firms – monitoring, assessing, reacting and implementing changes to their business as a result of new or amended rules or regulations.
Citing the scale of regulatory reforms over the last decade has become a bit of a cliché in the sales pitch of any RegTech product, yet it is an inescapable fact that regulatory change has become ‘business-as-usual’ across the financial services industry. Even though the bow-wave of the regulatory tide seems to have passed, iterative changes that calibrate and tweak existing regulations will continue for some time. There is, however, an opportunity here for regulated financial firms to take a breath and reassess their capabilities when it comes to managing regulatory change more efficiently, perhaps even digitally.
Regulators and financial firms alike are increasingly looking to the promise of technology to reach a digital nirvana where regulatory changes can be seamlessly interpreted, mapped, analysed and ultimately implemented with minimal human intervention.
We are clearly some way from this vision being realised, but how far? What obstacles lie in the way? Can we begin to map out a realistic path to get to this end-state? What would have to change?
Find out more about Digital Regulatory Change by attending our events, industry workshops and reading our insights or contact us below to find out more.