Regulatory Watch
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.
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.
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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