Change Management Services

Managing Regulatory Change Is No Time To Roll The Dice

Managing regulatory risk has grown increasingly difficult for many organizations. Financial institutions are tasked with demonstrating compliance in a complex regulatory environment that produces an unprecedented volume and velocity of change. This regulatory environment poses significant challenges including:

  • Shifting Regulatory Landscape – Numerous regulatory changes since Dodd Frank Act in 2010, originating from various sources (e.g., CFPB, FRB, OCC, CFTC, FinCEN).
  • Increased Enforcement Actions – 30% increase in Q1 of 2015 and another 18% in Q2 of 20151 in addition to the $235B in fines paid out since 2008 by 20 of the largest global banks.
  • High Cost of Operationalizing and Maintaining Compliance with Changing Regulations - Regulatory changes often require updates to processes, systems, and policies and procedures which result in additional costs.
  • Difficulty Demonstrating Compliance to Regulators - Regulators require increased transparency into proving compliance. The expectation is for a sufficiently documented regulatory change management process.

Deploying a centralized regulatory change management framework is essential for demonstrating compliance, managing regulatory risk, and preserving value.

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