APRA’s latest insights have re-emphasised the need for the financial services industry to prioritise and address compliance risk with the same rigour as financial risks. As global regulations proliferate and stakeholder expectations increase, organisations are exposed to a greater degree of compliance risk than ever before. Past events have shown us the financial, reputational and legal consequences of failing to meet compliance requirements and regulatory expectations.
With better practice in compliance risk management continuing to be a key focus for regulators, APRA is looking to entities to effectively manage compliance risk through a clearly defined approach, established processes and clear accountabilities.
As the financial services industry continues to rapidly evolve, organisations are faced with the creeping costs of compliance. Digital solutions are increasingly being adopted in a bid to alleviate the manual burden on risk and compliance teams, allowing them to focus on what matters most. Recognising the complexity involved in staying on top of regulatory change, Deloitte’s team of compliance professionals have developed our solution, RegHub.
RegHub is Deloitte’s comprehensive regulatory solution, created to fundamentally enhance how organisations structure, source and manage compliance obligations. With automated regulatory horizon scanning and access to a vast regulatory library, a global view of an organisation’s regulatory universe is easily accessible. Intelligent and efficient digital workflows unburden risk and compliance teams, allowing businesses to focus their attention on higher value work that delivers a real impact.
The solution simplifies the complexities of compliance risk – allowing organisations to gain a competitive edge and transform how they manage compliance risk.
Link to RegHub
Link to APRA Compliance Risk