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Anticipating regulatory challenges with the Regulatory Watch
Financial institutions nowadays deal with a great variety of increasingly complex regulatory requirements (e.g. Solvency II, IFRS 17, Basel IV). New and emerging regulations have a major impact on the operations and business models of financial institutions. Moreover, financial institutions are challenged with technical standards and subsequent supervisory reviews and - as the case may be - actual enforcement.
Understanding the business impact combined with the effort to become and remain compliant is demanding. At the same time oversight is required in the huge amount of regulatory and supervisory initiatives. Capturing relevant regulation is obviously important, but an efficient methodology to prioritize, assess and allocate the right type of focus within your organization is equally important. Meanwhile, minor regulatory changes may cause large compliance costs if not spotted on time.
Deloitte has developed the Regulatory Watch as part of its Regulatory Suite offering. The Regulatory Watch facilitates its clients to stay in control of their regulatory agendas. The Regulatory Watch is an effective and efficient tool which makes it possible to monitor regulatory changes continuously. This is crucial in order to ensure regulatory compliance at an acceptable cost level, offering:
- Overview of the regulatory agenda on the relevant and specific laws applicable to your organization
- Prioritization based on business impact and priority/cost of (non) compliance
- Insights on the best practice view
- Utilizing Deloitte’s international network and strong footprint in the financial sector will strengthen the Regulatory Watch in spotting potential compliance issues.
Capturing regulation, identifying priorities, assessing impacts and providing insights on market practices and optimization possibilities is key for business success. Regulatory Watch is a managed service offering consisting of an overview of the regulatory agenda, a prioritization based on the business impact and priority/cost of (non-)compliance and a best practice view.
With our strong experience in regulatory advisory and well developed international network, we designed a pragmatic and flexible model to identify the adequate inputs for your organization. Our methodology is built on three pillars, namely:
- Regulatory oversight – the screening of selected sources to monitor existing topics, capture new ones and prioritize them for further actions based on high-level impact analysis;
- Knowledge sharing – both a documented and interactive approach to share knowledge in a structured and very accessible way from raising awareness over dedicated briefings, down to implementation drivers;
- Business expertise – linking our regulatory knowledge to specific circumstances of our client’s business are key in setting proper regulatory priority and spotting changes in regulatory environment.
The Regulatory Watch Core Team is in charge of the daily Regulatory Watch activities and is supported by the Deloitte EMEA Centre for Regulatory Strategy. The Deloitte Expert Committee is composed of senior regulatory strategy, risk and business experts to ensure overall quality of the Regulatory Watch, providing guidance and local insights. Finally, Deloitte is well connected with external partners and financial associations which allows easy and quick access to other Regulatory Intelligence sources.
For more information, you can reach out to our experts.