That’s the frightened response we expect asset management company executives to make when they are hit by yet another set of rules – and within the industry, it is universally accepted that increased regulation is here to stay.
Unfortunately, the compliance department is often perceived by others within the firm as a burning hole for profits. Pressurized timelines and tight deadlines often lead to makeshift internal builds and the stopgap hiring of third-party vendors, often without thinking of the bigger picture or a holistic approach. When another regulation is announced, the process to find a quick and easy solution begins again.
Hence RegTech solutions can be viewed as a trick – not agile enough to cope with or solve emerging rules at a fast and cost-effective pace. As a result, it is becoming increasingly difficult for compliance departments to get firm-wide buy in as processes become unnecessarily complicated and costly, and departmental silos emerge.
However, we believe it is imperative for firms to view their RegTech investment as a treat for the entire company, and not just a compliance issue. For example, as the N-PORT deadline of June 2018 approaches it is easy to view the data requirements from a narrow N-PORT-needs-only lens. Instead, a broader perspective sets the firm up to use the data to serve clients better, win market share, boost regulatory standing and, when all combined, increase profits. Having a clean store of data ready to fill and populate any form and task is no doubt, a treat for any marketing or distribution executive, RFP team lead, as well as a compliance officer.
We know this from 20 years of established data management expertise; that experience makes Accudelta the one-stop shop for all future regulatory reporting, data management and distribution needs.
Post by Kate Horgan