Achieving efficiencies and reducing costs through regulation

Since the crises of 2008, financial services institutions have faced the burden of intense regulatory pressure. New rules, laws and directives have been introduced throughout the world with the aim of fostering transparency, fairness and professionalism. Maximising opportunities in this 'new normal' environment of regulatory change is a key challenge for CIOs. GFT built a comprehensive solution for the Royal Bank of Scotland for use in the global regulatory landscape – addressing current, emerging and retrospective legislation and obligations.

In 2015, the innovative solution won RBS the prestigious Banking and Technology Award for 'best use of IT for the purposes of risk/regulatory change management'.

GFT’s Paul Burleton on tackling regulatory challenges

As various ongoing regulatory challenges persist for financial services firms, Paul Burleton (Head of Strategy, Regulatory, Risk & Compliance, GFT) looks at how GFT can provide solutions to these problems and how new technology will impact on these challenges.

Streamline regulatory change management, reduce compliance cost

  • Identified inconsistencies in processes for trade and transaction reporting
  • With a trading footprint in 37 countries across assets, the bank’s IT departments were continually inundated with a backlog of remediation items
  • Need for cost-effective strategic solution that would increase data transparency, improve service quality, streamline regulatory reporting and avoid punitive fines

GFT’s regulatory change management service

  • The aim was to build a global picture of the bank’s regulatory obligations. A team of GFT experts analysed the global business footprint to identify relevant regulations and understand their impact on the business
  • Within nine months, the GFT team built a comprehensive solution for the bank’s global regulatory landscape including current, emerging and retrospective legislation and obligations

Enhanced regulatory reporting

  • GFT now works as an extension of the client’s compliance operation by offering a fully managed service

  • A dashboard provides an end-to-end view of regulatory obligations and a best practice methodology to manage regulatory change

  • Regulatory compliance has been streamlined, control has been tightened and compliance costs reduced. Client can now identify and consolidate every new piece of relevant regulation for 53 regulatory regimes and report to a complex mix of stakeholders

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