Following the global financial crisis, negative perceptions about the financial industry amongst the general public and a “never again” attitude held by many in positions of authority have led to a continuous wave of new regulations. There is little doubt that the speed, complexity, and variety of regulatory change multiply the challenges organizations face.
Due to the international nature of the financial crisis, the economic recovery effort has also been a global one. The existing regulatory framework has taken on a more global dimension as a result, and changes to regulation have become intertwined with several existing and new international policy changes. A whole host of complex and broad ranging regulations have also affected many industries, making it increasingly difficult to keep up with the volume and complexity of regulatory change.
Consistently and cost-effectively implementing new regulations that are both far-reaching and complex requires companies to take a strategic approach. This Issue Alert highlights some of the challenges and impacts of today’s highly regulated business environment and offers solutions companies can employ to comply with regulations going forward.