With the world still battling the COVID-19 pandemic and the social and financial impacts it has wrought, the global regulatory agenda has inevitably taken some hits of its own. That said, the pandemic-related delays to existing implementation dates and the formalization of proposed rule changes have been welcomed by many in the our industry.
However, while there have not been as many new or revised regulatory obligations to fulfil during this period as would ordinarily have been the case, COVID-19 has merely pushed the required work into 2021 and beyond. This simple truth is one that the industry would do well to remember as we approach the final quarter of this year.
Wherever financial services firms operate today, they all share a universal need: to balance their limited resources while also assessing where they can take positive steps through a better understanding, sourcing and management of data. This should be coupled with a leveraging of industry-leading regtech to make significant improvements in the accuracy, completeness and timeliness of reporting, alongside a drive to greater efficiency and streamlining to accommodate new and existing regulations. Wise decisions and investments now will pay off in the not-too-distant future.
In the second edition of our Regulatory Horizon newsletter, discover the new and existing regulations for 2020, 2021, 2022 and 2023, along with:
1) Our notes on upcoming regulatory requirements, such as Operational Resilience
2) What different countries must do around the topics of sustainable finance and ESG
3) Where organizations stand regarding a post-Brexit ‘new normal’
4) Immediate actions required by banks
5) The implications of COVID-19 on firms and the numerous regulatory extensions as a result.
… and much, much more.