Navigating Regulatory Change: The value of technology for compliance teams

Regulation is constantly evolving, with requirements changing so often that it’s hard to keep up.  Earlier this year, Thomson Reuters surveyed compliance practitioners on the top five greatest challenges they expect to face in 2018. Respondents cited continuing regulatory change as the primary concern, followed by data privacy and GDPR; enhanced monitoring and reporting requirements; increased regulatory scrutiny and implementation of regulatory change. There’s clearly a common theme: staying up-to-date on and executing against regulatory changes are pain points for compliance risk management.

In the face of these challenges, how can compliance and operations teams ensure they’re doing their jobs effectively and efficiently? The task alone of monitoring for changes – between the Federal Reserve, OCC, SEC and FINRA – is highly time consuming. And once change is enacted, it begins a long and tedious process of implementation, requiring clear and constant communication across business lines and functions to ensure total compliance. Not to mention, fund advisors, broker dealers and issuers need to be sensitive to the specific needs of investors and regulators.

To manage the constant stream of regulatory change, more and more compliance teams are ditching analog processes in favor of digital solutions. Technology-based solutions can handle and analyze changes swiftly and in an organized manner. Most importantly, they can minimize risk by working as a 24/7 monitor through real-time data tracking and comprehensive reporting.

Our MIC Investor Communications platform does just that.  Organizations can track and manage all documents, procurements, delivery dates, etc. throughout the entire investor communications lifecycle. With hundreds of materials and data points for each client, MIC untangles the myriad requirements and provides end-to-end transparency and real-time 24/7 oversight.

Mediant is also actively involved in advocacy and implementation of regulatory change and consistently engages with decision-makers. When new rules are proposed, we analyze the impact and work with our compliance teams to assess and adapt MIC to best serve our clients’ needs.

Having these records and information readily accessible is crucial not only in the event of an audit, but also for compliance and risk management as a whole. Though burdensome, regulation is now a key facet of our financial systems and processes, and compliance is essential to putting clients’ best interests first. With technology like MIC, meeting requirements doesn't have to be so difficult. The platform assures operational integrity so that organizations can be fully transparent with all investor communications.