The words Governance, Risk, and Compliance (GRC) carry a sense of reverence and anticipation for financial services stakeholders globally. This reaction makes sense given the regulatory history that we as a global economy have endured. The idea that controls may change, reminds us that we struggle to adhere to routine in an already overcomplicated business
In today’s world, talk abounds about the ever-increasing regulatory hurdles every modern global industry now faces. The way to address any risk is to impose more and more regulations on an industry to ensure the sins of the past are not repeated, and politicians can best show the electorate concrete steps in legislation they have
These are uncertain times, especially for those in the finance industry. The regulatory picture is changing rapidly; the fact the world’s top investment banks have been fined a remarkable $43 billion over the past few years suggests they’re having a hard time maintaining compliance. Regulations such as Dodd-Frank in the US, EMIR in the EU,
The past 10 years have seen an increase in the number and breadth of regulations aimed at the financial services industry, many of which stem from the financial crisis of 2007-’08. For example, requirements for capital adequacy, and restrictions on proprietary trading, have profoundly affected the covered institution. Yet beyond rules spawned the financial crisis,
The last few years have seen significant new regulation in the banking space. It has not been an easy period for financial institutions, with many industry personnel and observers questioning the rationale or efficacy of new rulings. Interpreting and implementing regulations based on guidelines (not precise rules) has made the task all the more challenging.
Successful organizations are not known for being complacent. They strive to improve themselves continuously. But that raises an issue; how does an organization identify weaknesses in their compliance, delivery and customer focus? In Frank Palermo’s recent blog Making Sense of Your Big Data with BPM: Turning Insights into Action, he discusses the convergence of Master