Tim Lind, global head of financial regulatory solutions at Thomson Reuters, sat down with Finextra at Sibos, the annual conference organized by SWIFT, to discuss the challenges financial services companies face when it comes to regulatory change.
To put the regulatory climate into 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.
- Seventy percent of compliance officers believe the pace of regulatory change will increase.
These figures, which can largely can be attributed to the new data requirements that regulators are seeking (e.g., historical data, data to prove liquidity and risk), in addition to the lack of dedicated compliance resources and the increasing personal liability that compliance officers carry, show just how much “regulatory fatigue” the industry is experiencing.
Mr. Lind believes that standards and collaboration initiatives, such as the regulatory sandboxes that regulators are developing, can help companies survive and thrive amid the litany of changes. Better standards and more collaboration with regulatory authorities will help financial services companies cope with ever-changing regulations.
To read about the 14 other trends that we believe will take place in the financial services industry in 2017, click here or simply fill out the form below to download our newest guide.
