RegTech Rescuing Financial Services

According to a 2019 survey financial institutions, especially banks, are falling behind when applying digital transformation to conduct risk management. The current situation shone a light on the lack of technology to monitor employees' activities, regulations, conflicts of interest and conduct risk across organizations. During the pandemic, risk and compliance departments were struggling to manage risks, provide reporting and comply with regulations. All that drove even more attention to the need for RegTech solutions in financial services.

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Financial Services Firms Suspend or Review Political Contributions

The aftermath of the political unrest at the U.S. Capitol last week has seen many Financial Services firms putting the brakes on political contributions and reviewing their political donations policies. With the industry already expecting stricter rules and regulations in the new administration, it’s critical that firms have a solid understanding of the impact of political contributions on their organizations.

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ESMA Reports Increase in EU Market Abuse Penalties

ESMA published its annual report on December 21, summarising administrative and criminal sanctions and other measures imposed under the Market Abuse Regulation in 2019. A sum of 279 administrative sanctions and measures and 60 criminal sanctions were imposed for infringements of MAR in 2019. The total value of the penalties exceeds €88 million.

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Reduce Compliance Risk by Doing More With Less

A recent Deloitte study found that organizations surveyed indicated that that as their compliance programs mature, they are increasingly being asked to ‘do more with less’. Compliance teams must constantly balance meeting regulatory requirements with managing costs and increasing efficiency.

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FINRA Guidance on the Supervision of Independent Contractors

Many of the firms that I work with, both large and small, work with representatives that are independent contractors. I am frequently asked how technology can help firms supervise their independent reps, especially in these days of remote work. The past few weeks have seen FINRA impose significant fines and sanctions against a range of firms for supervisory failures. Firms must have processes in place to monitor activities and mitigate this risk.

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