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Regulatory Compliance – Orchestrating 2023’s Banking Growth

Regulatory Compliance


Globally, the complexity faced by FIs, and banks are expanding.

The causal factors are many - ESG compliance, Heightened resilience standards after the COVID-19 crisis, cyber assaults, and the impact of Russia's invasion of Ukraine on energy markets

Evolving regulations in response to those challenges complicate matters even more. Firms that unlock new avenues of growth will reinforce competitive advantages by anticipating regulatory changes. For this, banking leaders should comprehend the regulatory landscape, but even before that, they must answer the question: what is the need to invest in digital or technology?

The importance of Regulatory Compliance Swells Across.

In UAE’s 2023 launched FIT (Financial Infrastructure Transformation) program, its central bank (CBUAE) has earmarked the establishment of financial cloud infrastructure and eKYC and open finance platforms to improve regulatory compliance.

"The FIT program embodies the directions and aspirations of our wise leadership towards digitizing the economy and developing the financial sector," says HE Khaled Mohamed Balama, governor of the CBUAE.

2023 is about the Integrated Risk and Compliance Function.

Continuing from last year, the compliance functions becoming more tech-enabled, the enterprise risk programs embracing a higher degree of agile principles, and the multidimensional portfolio management systems are integrative approaches that will proliferate.

How will the RegTech winners differentiate themselves?

  1. Thinking creatively about how operational requirements are affected by laws, rules, and regulations across enterprises and processes
  2. Establishing criteria for the significance of risk (for example, material risk, tolerance levels, and risk appetite)
  3. Maintaining a thorough system for identifying and evaluating potential hazards (objective risk-assessment scorecards and risk-measurement methodology)

A Sneak Peek

Coming soon is the 2023 Maveric RegTech report that provides banking leaders with a comprehensive view of significant regulatory changes across regions, platforms, and tools.

Report Sections

  • A summary of the significant regulatory changes and implications.
  • The enabling platforms - Bifurcated by established and emerging platforms and information necessary to evaluate their use.
  • Prevalent tools - Bifurcated by established and emerging uses.

Jurisdictions covered

  • EU and US
  • Regulation - FCM and Regulatory reporting, including Crypto, ESG, and DORA.

Platforms and tools covered

  • Risk management
  • Transaction monitoring and reporting
  • Customer identification and AML/KYC
  • Regulatory intelligence
  • Regulatory reporting
  • Data tools aligned to Reg Tech

The Way Forward

Regulatory changes care about something other than the size or resources of a business. No matter how many resources it has, any organization will have a hard time keeping up with the size and number of regulatory changes. Everyone is affected by changes in regulations in the same way, which raises the same worries about being able to take it all in and put it to use.

Priority number one in addressing these challenges is the implementation of technology. In an environment where banks are subject to remote supervision, regulators anticipate enterprise-wide risk management systems that connect diverse elements of an organization and ensure that everyone is executing the change uniformly.

Maveric’s Comprehensive RegTech Study

As banks increasingly rely on digital assets for greater oversight and clarity in the regulatory fragmentation geopolitical setup, Maveric’s report empowers C-Suite with a powerful tool to navigate a climate focused on economic recovery and customer impact.