The regulatory processes in which compliance teams are operating, are constantly changing and proceeding globally at a rapid pace, and on an unprecedented scale. Regulatory change is one of the biggest challenges for companies today - and for businesses in a highly regulated industry such as financial services, things can be even more complicated and can be incredibly hard to keep up to date with.
Whilst new laws and regulations are being proposed and approved almost on a daily basis, the old ones are concurrently being amended and updated, so the complexity of regulatory changes can often feel overwhelming and may seem like a constantly moving target. Besides all this, regulators are increasingly demanding more detailed information and reporting, at greater levels of responsiveness and accuracy.
Keeping up with compliance regulations by creating the necessary internal procedures and implementing them isn’t a matter of choice, it is an obligation and a necessity that needs to be addressed in the most efficient and productive way possible.
A powerful compliance software programme is absolutely essential nowadays in order to help your business maintain national and even international compliance standards, whilst also helping you keep up to date on reviewed policies.
Have a read through our latest whitepaper
here, where we discuss why businesses need to have a RegTech solution like KYC Portal in place, in order to stay up to date with regulation changes.