Mastering the Art of Regulatory Compliance:
Key Steps to Mitigate Risks and Stay Ahead of Change
The financial sector is facing significant regulatory updates, and keeping up with these evolving regulations is crucial for firms. In our recent webinar, industry experts from Ruleguard, BNY Pershing and NatWest Group provide insights on managing these challenges and changes efficiently.
Key topics covered include upcoming regulatory changes, strategies for effective change management, and how RegTech solutions, including AI and machine learning, can help streamline compliance processes.
During the webinar, an interactive survey was carried out to find out:
- Key challenges firms face when managing regulatory changes
- Main concerns when adopting new Gen AI/LLMs
- Confidence in the firm's regulatory change management framework
Ruleguard's Head of Risk & Compliance provides analysis on the results:
"Interpreting regulatory requirements is a common challenge for firms and getting it right is an art. It’s therefore crucial that firms firstly understand which rules apply to which of their products and services using a reliable source of information. Secondly, assess the level of risk posed by those products and thirdly, implement appropriate controls to mitigate the risks.
The onus is on the firm to evidence how it reached its decisions, what factors were considered, and equally important is communicating changes to employees. The final piece of the jigsaw is to ensure that you review these requirements regularly so that your processes change along with your business plans or regulatory developments too. Regulation isn’t static, and neither is your business, so firms must keep a watching brief on developments."
Priscilla Gaudoin - Follow on LinkedIn
