The financial services and regulatory industries have been dynamically adapting to several competing chaotic drivers. Those companies that began adapting with the global pandemic in early 2020 have continued throughout all of 2021 and show no signs of letting up in 2022.
As both the financial services industry and its regulatory agencies navigate hybrid working environments, they also need to respond to the never-ending changes required for prudential regulatory reporting.
Areas that will need increased attention across the financial services industry include:
- Increased focus on fair lending risk
- Climate risk
- Technology & cybersecurity
- General performance standards compliance
- Returning to data foundations
- Anti-Financial crimes
- Selecting vendors for reporting and capital requirements
- An interagency view on cryptocurrency
- Prudential requirements of investment firms
- The shrinking settlement cycle
- Preparing for Basel IV (2022 and beyond)
- ESG reporting
Any one of these topics is enough to alter an agenda and priorities; the need to consider not just one, but many of these topics, will impact the financial services and regulatory reporting sectors exponentially.