What's on your Mind?
Today's regulatory environment is more challenging than ever. Companies need to contend with:
- Changes in regulatory requirements and more onerous demands
- Regulation which requires operational as well as cultural/behavioural change throughout the organisation (e.g. the FSA's Treating Customers Fairly [TCF] framework)
- Major changes in IT systems to support compliance with regulation.
To thrive, companies can no longer rely on a tick-box, bottom-up approach to compliance. Their governance arrangements need to be aligned right across cultures, processes and controls to achieve a consistent and robust approach to regulation.
Bringing you Peace of Mind
Our risk and regulatory specialists help clients to drive sustainable change throughout their organisations. Drawing on our industry knowledge as well as technical, operational and programme management skills, we:
- Combine our technical risk and regulatory knowledge to manage entire projects from planning through to implementation
- Define and interpret regulatory requirements for clients and give advice on specific areas (e.g. IT implementation, processes etc)
- Help clients to address regulatory requirements; to manage their impact on operations and to embed change across functions and business units
- Help clients to design and implement appropriate governance arrangements and management reporting to enable appropriate oversight of risk and compliance within the business.
What's in it for you?
Regulatory demands are onerous. Failure to comply can result in penalties, fines and damaged reputations.
To keep your company on track, KPMG's regulatory specialists help by:
- Enhancing your ability to meet regulatory requirements and to mitigate risk of failure
- Optimising processes to drive out efficiencies and cost savings
- Developing a more efficient capital model through a demonstrably stronger control environment
- Ensuring regulatory requirements are embedded throughout the organisation.
We bring a leading developed approach to regulatory compliance by drawing on specialists in governance, people, regulation, risk and process improvement to deliver a business-focused solution to managing regulatory change.
Leading insurer: meeting more stringent FSA requirements
Our client, a leading insurer, needed to design a new Treating Customers Fairly (TCF) framework to meet the increasingly stringent requirements of the Financial Services Authority (FSA).
Complying with the requirements of the TCF framework impacts the whole business. We helped the client to understand the regulatory requirements and their impact on operations and to embed change across functions and business units.
We delivered a new framework for governance supported by detailed risk monitoring and key performance indicator reporting throughout the business. Critically, we also developed specific measures and benchmarks to monitor the existence of a TCF culture within the business to ensure the changes were sustained.
We also reviewed the new procedures and controls in operation to provide an opinion on whether the firm met the FSA's requirements.