As they consider moving forward, how do institutions avoid reactive, haphazard, and uncoordinated sets of firefights as they respond to the new rules and regulations? Complexity can be overwhelming and compliance resources are often scattered and in short supply. If financial institutions want to stay ahead of both the regulations and the competition, if they aim to be stronger, safer, more focused, and able to generate acceptable returns for their shareholders, it may behoove them to consider adopting three concurrent strategies:
- Create an enterprise-wide regulatory ‘air traffic controller’
- Restructure the business
- Increase transparency by creating world-class information management and analytical capabilities
For access to the full report from Deloitte, which provides perspective on the new regulatory environment, observations on how the industry is responding, and a three-point strategy for institutions to consider, click here.