Sometimes it can seem impossible to properly carry out business as usual tasks while staying one step ahead of regulatory change. But it’s not impossible. So in place of an all-seeing future-telling crystal ball, we suggest a simple – yet effective – restructuring to better anticipate change instead of putting out fires as they arise and using RegTech to your advantage.
Restructuring
The trick to being faster at implementing new regulatory requirements is having the structure internally that supports it. Really incorporating it into your business’s DNA can help you see change on the horizon and be better at seeing the change holistically with other programs and not as a single, siloed entity.
So, instead of a top-down approach to implementing regulatory change, we suggest not just having a policy team brief involved parties, but a team of multi-departmental experts working together right off the bat to truly see the impact and potential interdependencies of the change. A representative from risk management, Data, IT, business, and finance should form a panel of experts that work together to ensure the change is done in the most efficient way possible. This significantly helps avoid having to re-do work or having anything slip through the cracks.
Using the correct RegTech solutions in the right way can also help you stay ahead of the regulatory curve.
In complex, scaled-agile environments, cross-department interdependencies and overarching portfolio insight can be challenging to baseline and then to monitor. We have developed a flexible range of interconnected dashboards which enrich available performance information (e.g., through tools like JIRA), focusing on insights not currently available. By taking a data-driven approach, with focused data points, our visualisations enable management meetings to focus on strategic topics and priority items. Understanding how onerous the reporting cycles are, we also provide a lean service to assist with the collation and presentation, and to help build a lasting, repeatable capability.
As always, thanks for reading,
TEAM ACE