Paul Johns, CMO at SAI Global, and Rob Van Straten, SVP of EMEA & APAC, talk with Risk & Compliance magazine about how the financial services industry has entered into a new era of regulation where improving culture and conduct is a priority, with individual accountability, industry codes and embedding customer centricity being the cornerstones for regulatory transformation.
"The rapidly-changing set of cross-jurisdictional regulations placed on FIs is putting immense pressure on them to keep pace. Though many of these regulations have their roots in the financial crisis, other external events – an increase in cybercrime, big data, the rise of FinTech, Brexit, and open banking – reflect more recent regulatory concerns. Posing major challenges, risk management practices have struggled to keep up with this rapid transformation.
For example, consider the significant increase in capital under Basel IV, compliance requires real-time calculations that must be based on complete, accurate and timely data. The sector must also respond to increasing concerns about money laundering with recent guidance from FATF on Improving Global AML/CFT Compliance.”
CMO at SAI Global
Read the full article here.
Published July 2019
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