The UKI financial services industry operates within a dynamic environment, shaped by continuously evolving regulatory requirements.
Regulators play a crucial role in upholding market integrity, protecting consumers, and ensuring financial stability. Their mandates encompass a wide range of areas, from anti-money laundering (AML) and prudential supervision, to environmental, social and governance (ESG) disclosures.
For financial services institutions, this requires constantly adapting to meet the increasing demands from regulators enforcing current rules. At the same time, they must anticipate the onset of new regulations and codes of practice, some of it from overseas, such as the California Consumer Privacy Act (CCPA).
As new regulatory frameworks and standards come into force, compliance teams must be able to respond effectively. The alternative is to risk public censure, stiff financial penalties, and loss of organisational reputation. But compliance with evolving regulation should not come at the cost of efficiency.
To explore the regulatory pressures facing financial services institutions, InterSystems and FStech surveyed more than 100 financial services professionals in the UK and Ireland.
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