Standards And Collaboration Can Help FSIs Survive Regulatory Fatigue

Tim Lind, global head of financial regulatory solutions, Thomson Reuters, sat down with Finextra at Sibos, the annual conference organized by SWIFT, to discuss the challenges financial services institutions face when it comes to regulatory change.

To the put the regulatory climate in better perspective, Mr. Lind pointed out a few facts:

• Over the last four years, there has been a four-fold increase in the number of daily alerts from the global regulatory community
• 70% of compliance officers believe the pace of regulatory change will increase

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These stats, which can largely can be attributed to the new data requirements regulators are seeking (e.g., historical data, data to prove liquidity and risk), in addition to the lack of dedicated compliance resources and increasing personal liability compliance officers carry, show just how much “regulatory fatigue” the industry is experiencing.

Mr. Lind believes standards and collaboration initiatives, such as the regulatory sandboxes that regulators are developing, can help companies survive and thrive the litany of changes.