Author: CUBE – cube.global
Regulatory change management for financial services is constant and unabating. Just as the compliance team gets on top of the latest regulatory development, another comes along. Large, global financial organisations not only have to content with the volume and velocity of regulatory change, but also with cross-border issues such as conflicting regulatory requirements, translating from multiple languages and a lack of global regulatory standards.
For smaller firms – those with one or two jurisdictions – regulatory change management looks comparatively easy. So easy, in fact, that they rely on simple manual checks in which the whole team groups together to spot regulatory changes. Or, failing this, they outsource the process to lawyers or consultancies. Granted, the process is more effective – but this outsourcing can come at a huge cost.
Over the past few months, regulators from across the globe have turned their focus to smaller organisations and emerging fintechs, payments and crypto companies, from BitMEX to Transfergo. These high-growth companies often focus on profit and growth – with regulatory compliance falling out of focus. However, while it may have fallen off the agenda for the financial institutions, compliance for small and medium sized organisations has very much come into focus for the regulators.
Because of the apparent ‘ease’ of managing regulatory compliance, many of these firms think that they have all bases covered. Emerging enforcements for these firms suggests the opposite to be true, however.
Data collected from RegTech CUBE’s own platform has shown that in the past six months, UK financial institutions have seen 5,833 regulatory insights published. In Germany, there have been 17,668 – and in the US there have been 32,339. These regulations apply to both small and larger organisations, that must track the changes, assess them, map them to their policies and controls, and implement them across their businesses.
Compliance teams must grapple with hundreds, if not thousands, of insights a month. For smaller firms with just one or a handful of compliance officers – it is no wonder that gaps are starting to show.
It is with the recent regulatory landscape in mind that CUBE has launched RegAssure – an agile, highly intuitive compliance product for small and medium sized firms. RegAssure provides a rich, tailored regulatory inventory, at the touch of a button. So smaller firms are no longer in the dark and can be assured that they have regulatory compliance covered.
Find out more https://bit.ly/3EcgEom