A change in regulation can impact a number of aspects of a business – from operations, business model and strategy, and the end-customer. In a fast paced, complex and uncertain world, the Australian financial services industry continues to face a number of challenges in managing regulatory change. In the last two years, the Australian financial services industry has encountered a number of regulatory changes that have had a significant impact requiring transformation of current operations and practices in order to comply.
In early 2022, Deloitte rolled out a regulatory change survey to 18 organisations within the Australian financial services industry across the following sectors:
The purpose of the survey was to gather information to understand and evaluate the financial services industry’s approach and ability to respond to regulatory developments, including the ability to identify upcoming developments and assess the impact on their business models.
This report outlines our key insights from the regulatory change survey, and provides readers with five key considerations to help effectively prepare for regulatory change.