Since the devastation of COVID-19, 2021 has been about the financial world gaining lost ground. Across the board banking, stock markets, insurance, investments, and lending institutions have been optimizing operations for the new normal.
The dual conundrum facing the compliance officer is that of improving and evolving the compliance programs, while keeping the compliance costs under check. Today more than ever before, keeping pace with the regulatory, business, and external risk environments is one of the most significant challenges of a compliance officer. There are three points compliance officers must consider in this time of change:
Regulatory research is the process by which enterprises identify various laws, regulations, and industry standards. Advisory opinions and guidance, court decisions, and orders can also be relevant to this research.
The process of tying regulatory requirements to Risk and Compliance taxonomy, aka business obligations, policies, procedures, controls, risks, issues, and metrics.