March | 2012
A financial crisis brings in its wake more regulation and oversight when the dust settles. However, the recent recession and ongoing economic uncertainty that began in 2008 has unleashed more than its fair share of regulations. These regulations have been, promulgated under the direction of the U.S. Dodd-Frank law, the European Markets in Financial Instruments Directive II (MiFID II), and the Bank of International Settlements' Basel III requirements, among others.
To find out how the industry was coping with increasing regulation, Wipro, jointly with Compliance Week, surveyed managers and executives from 34 financial institutions with annual revenues ranging from less than US $5 billion to more than US $50 billion in the United States, Europe, Asia and the Middle East. These respondents considered roughly a dozen questions about their firms' philosophies and actions taken to deal with intensifying oversight, where regulators want more data, faster, and with a unified view of the regulated entity. The survey responses indicate an awareness of a need to change, and in many cases these organizations are moving forward. But universally, there's work to be done. Read more details in our white paper, 'Surfing the Coming Wave of Regulatory Reforms: A joint study on the US banking industry.'
We discovered there were five factors shaping the industry's response to the risk-and-compliance storm:
What has been your organization's response to the increasing compliance and regulatory pressures in the environment? Do write in with your thoughts – we'd love to hear from you!
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© 2021 Wipro Limited |
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