Regulation and compliance personnel are working in a climate of ever-increasing change. Three-quarters of firms expect the focus on managing regulatory risk to rise in the next year due to a greater regulatory focus on conduct risk. Personal liability is also on the increase, making the stakes even higher for those with GRC responsibilities. As well as those with direct GRC responsibilities, regulatory matters, including how to implement structural changes to meet new rules and how to correct non-compliance, are also consuming an increasing amount of board time.
MIFID II, the AIFMD, Basel III, EMIR, Market Abuse, FATCA, the Senior Managers Regime and the FCPA are just a few of the many specific areas of regulation which are currently posing challenges for regulation and compliance personnel.