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The implementation costs of the existing rules (if not already implemented) as well as the upcoming regulations will be significant and typically cannot be passed on the clients. Given the current low interest and low margin environment, these costs can become as significant that it is no longer sensible to operate in a certain market (or to provide services to a certain customer group).
The complexity of the regulatory framework in which a bank is operating, has achieved a level, where the mitigation of the risk of non-compliance to an acceptable level has become more and more difficult. Furthermore, compliance costs have increased so significantly, that they can become a decisive factor if a bank is competitive in a given market. Given the recent trends in regulations as well as the sanctions taken (and or currently discussed), it will be important that:
Compliance costs can be minimized by limiting the business to key markets and the streamlining of projects to implement the given rules and regulations in an efficient way. The selection of key markets is performed during an impact analysis. The costs associated with the individual markets in which a financial institution operates, is thereby compared to the income currently (and planned to be) generated.
To evaluate these costs, the most effective way of implementing the required regulations is considered by identifying the existing synergies between the individual requirements and/or markets. A standardized framework builds the basis to systematically assess the individual regulations and enables a working group or committee (“the compliance committee”) to identify these existing synergies.
The “compliance committee” represents a meaningful solution for gathering and implementation of the regulatory requirements. We support you in structuring and implementing the committee, that will have the following functions:
Furthermore, we will provide your committee members with the required information and training on the regulations applicable to your organization as well as the framework that will enable the committee to perform its main activities.
Partner, Financial Services
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KPMG International Cooperative (“KPMG International”) is a Swiss legal entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.