Compliance Consultancy
Risk management and Consultancy firm

Regulatory Watch

Most financial institutions agree that we live in an ever more complex regulatory landscape. Even the finest compliance officers can’t keep up with the increasing scope of financial regulations, new inter-disciplinary rules, and statutes, not to mention the mandatory collaboration with supervisory authorities and local regulators.

What is a regulatory watch?

The financial regulatory landscape has taken a tremendous flight in recent years and will become even more challenging in the future. The cost to keep pace with changes and manage the scrutiny from regulators to meet deadlines require a global and holistic approach.

Compliance regulatory watch system
A regulatory watch is the process of keeping an eye on and following regulatory changes and developments that could have an impact on a specific organization, industry, or jurisdiction. This entails keeping up with new laws, rules, and regulations as well as modifications to existing ones and evaluating their possible effects on the operations, compliance, and risk management of the company.

A legal and regulatory watch entails close interaction with the different stakeholders within the financial entity. The purpose is to cover all obligations regarding the laws and regulations.

In most organisations the regulatory watch will be managed by the compliance team. Furthermore, adding stakeholders (Legal Department, Business Operations, etc.) allows combining core skills, knowledge, and regulatory awareness within the company.

Regulatory Watch Methodology

How can Pideeco help you with Regulatory Watch?

In our expanding financial regulatory context, outsourcing a Regulatory Watch Program to an external compliance consultant can become an appealing solution for financial institutions as it is cost-efficient, quicker to manage, and it allows them to gain in-house industry experience. At Pideeco we can help you to:

- Create a tailor-made Regulatory Watch Program for your company’s business model.

- Update or draft internal policies, procedures, and systems according to your regulatory watch process.

- Map out the scope of the changes of the law, the deadlines, the progression, the changes for the business requirements, and the final owner using a top-down approach.

- Develop a roadbook for the executive management and ensure compliance throughout the adjustment of new applicable set of laws and regulations.

- Define the roles and responsibilities of stakeholders within the program (the reporting modalities, the frequency of the meetings, the decision tree, etc.).

- Perform a gap analysis that feeds into the compliance risk assessment with implementation dates.

- Set up a strong documentation methodology that is essential for audit trail purposes.

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