Rising Regulatory Pressures And Data-Driven Approach To Oversight Top Key Concerns For Financial Organizations Next Year
Posted: 7 December 2012 | Source: Wolters Kluwer
Wolters Kluwer Financial Services’ Experts Say Proactive Efforts Around Compliance, Risk, Finance and Audit Critical to Organizations’ Success in 2013
Financial organizations across the globe encountered increased regulatory pressure in 2012 as more visibility and scrutiny were placed on the areas of compliance, risk, finance and audit. According to the experts at Wolters Kluwer Financial Services, that pressure is only likely to build in 2013.
Following U.S. President Barack Obama’s re-election in November, it’s clear the Dodd-Frank Act will remain in place and the Consumer Financial Protection Bureau (CFPB) will intensify its rulemaking and oversight efforts. And Basel III, Solvency II and global International Financial Reporting Standards (IFRS) continue to be in the spotlight for financial organizations operating in the U.K., Europe and the Asia-Pacific region.
But now, the question for many companies is, “How do we meet these obligations and regulators’ heightened expectations?” The answer according to regulators worldwide often lies within the quality and availability of an organization’s data. Regulators in nearly every country are taking a data-driven approach to supervision, demanding organizations provide more information than ever before to help ensure they are meeting compliance requirements, protecting consumers and effectively managing risk.