This past year or so in Europe has witnessed an almost unprecedented number of new regulations that Financial Services (FS) firms must adhere to. We have seen new legislation including GDPR, MiFID II and PSD2 introduced, additional regulatory hurdles to navigate for an FS industry that was already one of the most heavily regulated in the world.
This has significantly increased the pressure on GRC teams within FS firms. Not only is there more regulation but the penalties for non-compliance have increased too, which means compliance functions will be tested like never before.
But compared to the past 18 months, 2019 will see far less new regulations introduced in FS. This means that FS GRC teams can concentrate on maintenance and management of existing regulation. But what regulatory requirements do they entail for FS firms, and what is the best way of approaching them?
