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
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CSS frequently publishes blog posts which are written by our team from their observations in the field, at conferences and through experiences with compliance professionals. These posts are designed to further knowledge and share industry best practices. Topics run the gamut, including Form ADV, cybersecurity, MiFID II, position limit monitoring, technology challenges and more. Complete and submit the brief form below to receive notifications when we publish new content.