Your SlideShare is downloading. ×
Compliance - It doesn’t have                                                  to be a tickbox exerciseCompliance is often ...
Compliance - It doesn’t have                                                  to be a tickbox exercise                    ...
Upcoming SlideShare
Loading in...5
×

Compliance - It doesn't have to be a tickbox exercise

483

Published on

Compliance is often much maligned as a tick-box exercise that your operations director needs to complete in order to have the right certificate on the wall. It doesn’t have to be this way. Understanding why regulations are introduced contextualises them as both interesting and important.

At BSG we are passionate about designing and delivering change which makes a difference for our customers and their customers. Compliance work is no different. Our ambition is to help you implement regulatory / legislative change enabling you to operate both responsibly and cost effectively.

Published in: Technology
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
483
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
3
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Transcript of "Compliance - It doesn't have to be a tickbox exercise"

  1. 1. Compliance - It doesn’t have to be a tickbox exerciseCompliance is often much maligned as a tick-box exercise that your operations director needs to completein order to have the right certificate on the wall. It doesn’t have to be this way. Understanding whyregulations are introduced contextualises them as both interesting and important.At BSG we are passionate about designing and delivering change which makes a difference for ourcustomers and their customers. Compliance work is no different. Our ambition is to help you implementregulatory / legislative change enabling you to operate both responsibly and cost effectively.Why is compliance important? to operate a structurally stable financial system to create a market environment in which business and consumers have confidenceHow does BSG approach compliance projects?BSG’s approach is about identifying and implementing practical steps. Our focus is on making the best useof technology to ensure that practicalities of meeting regulations are identified and addressed. Wherenecessary, we work with in-house counsel or external legal teams to ensure that the transition from legalinterpretation to practical implementation is a smooth one. We translate regulatory requirements into a pragmatic roadmap and execute the change Planning the change We consider the implications of regulations on people, process and technology.  Regulatory prioritisation  Impact assessment & gap analysis • What is the legislative ambition?  Planning & preparation • How will this impact operational process? • What business processes are affected? • Who will need to do what, when and where? Executing the change • What data needs to be stored and reported on? • How can these operational steps be addressed within Process the systems landscape? People Technology What is the gap between the current state and the target state? How can this gap be efficiently closed? For more information about our www.bsgdelivers.com service offering, please visit our +44 20 7390 8674 website or contact us. info@bsguk.co.uk Business Systems Group (UK), Registered in England No. 6150570, 230 City Road, London, EC1V2TT www.bsgdelivers.com // @bsguk
  2. 2. Compliance - It doesn’t have to be a tickbox exercise Roadmap to compliance Legal Identification and Assessment  Technical legal review of regulations Initial Prioritisation  Prioritisation of regulatory activities Impact Assessment  Organisational implications  Gaps: current vs. future state  People, process, system impacts Planning - How to adapt?  Identify strategic options  Re-prioritisation of activities  Design implementation roadmaps Building a view of Execution – doing what needs to be done regulations for  Managing and implementing change complianceSome recent success storiesFATCA readiness at a London based specialist private bank BSG enabled the bank to assess the impact of a new regulatory requirement in support of informed decision making around how to become compliant. BSG’s analysis included a value chain aligned assessment of how FATCA legislation would impact each process step and initial recommendations / considerations for addressing gaps identified.Regulatory reporting at a London based insurance market BSG enabled the market to meet its reporting obligations to foreign regulators by allowing all syndicates to concurrently capture insurance data and allowing market operators to collate and prepare submissions. BSG’s engagement comprised end-to-end delivery (business analysis, design and development) of the entire web-based regulatory reporting system. A collection of BSG (UK) BA www.bsgdelivers.com practitioner insight can be found +44 20 7390 8674 at http://bit.ly/bsgukinsight. info@bsguk.co.uk Business Systems Group (UK), Registered in England No. 6150570, 230 City Road, London, EC1V2TT www.bsgdelivers.com // @bsguk

×