Here are 3 goals for your risk and compliance program that will set your organisation up for success.  

 

Before the 2021 business year begins in earnest, corporate leaders and compliance teams need to redouble their efforts to meet stringent compliance mandates, get a holistic view of policy, risk and compliance data and protect against increasing data & security breaches. This is how:

Build Operational Resilience and Keep Pace with Evolving Risk

 

Financial institutions should broaden their focus to include operational robustness, not just financial resilience.  Over the coming year firms need to look at ways to effectively manage newer risks such as, cyber and data security, third party risks, pandemics and climate change.

 

Rapid technology evolution and rising digital adoption has and will continue to result in heightened cybercrime. Nevertheless, digitisation and automation are a must and regulators will expect firms to leverage such tools in 2021.

 

 

Embrace Technology

 

The 2020 pandemic has only accelerated the adoption of technological solutions. This year, cloud, artificial intelligence and machine learning will enhance transparency, improve decision making and reduce the cost of risk and compliance management operations for financial institutions.

 

As businesses become more complex and cyber threats evolve, the industry will move away from data silos and instead adopt more holistic GRC solutions. The global enterprise GRC is estimated to be growing at Compound Annual Growth Rate (CAGR) of 13.4% and any firm should seriously consider being a part of this trend.

Continue to Focus on Regulatory Compliance

 

The implementation dates for some key regulatory mandates (such as LIBOR transitions and FRTB) are on the horizon.  Financial institutions will be working on changes to ensure they are fully compliant, as well as reinforcing their regulatory reporting capabilities.

 

More firms will be looking to outsource regulatory reporting obligations in the upcoming years with cloud solution vendors. The software platforms provided by such service providers will enable companies to make efficiency gains, save costs and enhance reporting flexibility and scalability. Integration of these solutions is anticipated to provide opportunities for market growth into 2021.

 

Taking these steps to innovate your organisation will pay off in numerous ways and set your compliance feet on solid ground throughout the year. Contact our experts today to learn more about how 1RS can help you to establish effective compliance practices.