Key Steps to Mitigate Risks and Stay Ahead of Change
The financial sector faces 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 provided insights on managing these challenges and changes efficiently.
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
This survey highlighted just how challenging it can be to keep pace with frequent regulatory changes. According to our survey, 43% of compliance professionals are experiencing new regulations at least once a week, and 65% cite these changes as their biggest compliance hurdle. This constant churn of updates, often from multiple regulators with conflicting rules can strain already stretched compliance teams.
It is more vital than ever to have robust processes and tools to handle these frequent changes. Automating key steps, centralising data, and ensuring real-time visibility into incoming rules can help firms remain compliant without overburdening staff. Discover how effective regulatory change management can streamline operations, reduce risk, and position your organisation to adapt faster in today’s dynamic environment.
Find out more by watching this webinar on demand.
Ruleguard's Head of Risk & Compliance provides an analysis of the results:
"Interpreting regulatory requirements is a common challenge for firms and getting it right is an art. It’s therefore crucial that firms first understand which rules apply to which of their products and services using a reliable source of information. Second, assess the level of risk posed by those products and third, 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
