Financial Services Compliance Goes Digital To Meet New Covid-19 Requirements

Financial Services Compliance Goes Digital To Meet New Covid-19 Requirements

Collaborating to Finally Achieve GFC Reforms Through Digitization The good news in compliance is that financial firms are finally on the verge of the latest generation of G20 Global Financial Crisis (GFC) regulations, said PJ Di Giammarino, CEO of JWG , a think tank on financial regulation. based in London. The bad news is that the industry has been hit by new sets of regulations regarding digitization and Covid-19. “Hundreds of new trading, risk and governance rules introduced since the financial crisis have been further tweaked for COVID, and some of the new obligations that were put on hold last year are now considered to be business dead. ‘habit.’ Financial services companies are starting to show some interest in making the necessary investments in RegTech. “But fundamentally, it’s still the operations and tech crowd that bears the burden of helping the business comply, although the business is starting to come to the table and wonder how to digitize the business. to develop and stay compliant. ” The main example of achieving some ROI through compliance is in the derivatives space, said Di Giammarino, specifically the deployment of the ISDA common domain model. JWG is currently leading a global digital derivatives regulation reporting program () in collaboration with banks, regulators, trade bodies, standards organizations and technology providers.

Highlights

  • According to Forbes, “Financial services compliance is going digital to meet new Covid-19 requirements”.
  • The good news about compliance is that financial firms are finally on top of the latest generation of G20 Global Financial Crisis (GFC) regulations, said PJ Di Giammarino, CEO of JWG, a London-based financial regulation think tank. . The bad news is that the industry has been hit by new sets of regulations regarding digitization and Covid-19.

Read the full story

Check all news and articles from the Money news and blog.

Bollyinside - US Local News & Breaking News Stories
Compare items
  • Total (0)
Compare
0