Following the financial crisis, financial institutions have emerged with a larger, more global footprint, which has challenged them to understand and manage regulatory requirements both in more jurisdictions and for more services than ever before. Demands on these institutions to ensure compliance with new requirements continue to escalate, as scrutiny intensifies from multiple stakeholders that includes rising pressure from regulators, investors, counterparties, and other market participants in a post-crisis environment where compliance demands are now far more intensive and detailed than ever before. However, addressing these regulatory obligations in a reactive, siloed manner misses the transformational opportunity for institutions to differentiate around cost and gain greater strategic understanding that will add tremendous value and realize significant benefits.
The Financial Services Regulatory Risk Advisory practice and the Americas Financial Services Regulatory Center of Excellence (CoE) have developed the first in a series of reports on the importance of implementing a change management framework that centralizes and synthesizes current and future regulatory demands. This transformative framework enables institutions to improve coordination across their silos and gain meaningful insights that improve overall performance, ensure risk management frameworks and compliance controls are integrated into strategic objectives, avoid redundancy and rework, and better address regulatory expectations in a practical and efficient way.