One of the most significant consequences of the 2008 financial crash was an increase in regulation impacting the FSI sector. The regulatory landscape has changed dramatically and continues to do so. A growing compliance burden means programmes are demanding an ever-increasing proportion of management attention and resources.
Since 2008, penalties for non-compliance and failures are now much more punitive, in some cases based on a percentage of a company’s annual profits rather than a fixed figure. The exponential increase in data that has occurred since the millennium – in terms of the volume, variety and velocity of data that FSI institutions must deal with – presents a huge challenge. The age of data acceleration means FSI companies need robust archiving, eDiscovery, storage and retrieval.
Managing the cumulative compliance burden means using digital workspace tools to ensure that communication policies are in synch with risk management agendas. Whether it’s ensuring that all staff are kept up to date with organisational policies (via messaging) or ensuring senior management have one consistent and reliable portal to access immediately for policy guidance, communication is key.