Adopting a holistic approach to regulatory change management: The rise of the end-to-end RegTech solution
Abstract
Regulatory change management has become a practice in and of itself. It is a science, not an art. Regulators expect regulated entities to have systems and controls, policies and procedures in place to mitigate associated risks. At its most basic, it involves identifying, interpreting and actioning emerging risks before they manifest themselves as material risks ߞ regulatory, reputational, strategic or otherwise. Regulators require financial institutions to have zero risk appetite for regulatory risk. Mitigating controls and procedures across all three lines of defence need to reflect that position. Manual compliance processes are being replaced by automated processes, with increased incorporation of AI, as in-house teams manage the volume of regulation. This paper focuses on comprehensive end-to-end ‘RegTech’ solutions and some of the considerations and challenges of implementation. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.
The full article is available to subscribers to the journal.
Author's Biography
Susie Mackenzie is currently the Head of Legal and Regulatory Analysis at Corlytics Ltd, a RegTech company. Corlytics provides realtime regulatory intelligence and analytics to help financial services identify, interpret, implement and monitor regulatory changes effectively. Susie started her career at Herbert Smith Freehills Kramer, where she trained and qualified as a solicitor in England and Wales. She worked as both an associate and professional support lawyer during her time there, specialising in corporate law matters. Susie also spent time working at the German law firm, Gleiss Lutz. She is an experienced writer, having worked as a subject-matter expert for Indicator-FL Memo, where she was the sole editor of a handbook on English company law. She regularly contributes to blogs and papers on global financial regulation and speaks at industry events. Susie has an LLB degree in Law with German Law from King’s College London and the University of Passau.
