Regulatory compliance is a focus for many firms, but it can be challenging to measure, particularly with the increased volume of regulatory content.
This situation applies even more so to emerging themes such as ESG and Crypto. Some firms may not have the resources or expertise to comply with a large number of regulations, although some automation with a specialist solution will help.
Difficulties in Measuring Regulatory Compliance
There are difficulties in measuring regulatory compliance. These difficulties mean that regulators often have little insight into how well firms are complying with their rules and regulations.
Firms need to focus on regulatory compliance for several reasons, including:
- Avoiding the financial cost of non-compliance
- Avoiding the reputational risk of non-compliance
- Upholding a good relationship with the regulators
Understanding Risk
Regulation is a risk category, and having risk-rated regulatory content allows firms to manage their regulatory risk better and understand the risk of others within their business environment, including competitors.
Regulatory risk data enhances and informs the business.
For more details on the specific costs of non-compliance and how to strategically manage regulatory risk, read more here.
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