We are delighted to share our Global Regulatory Outlook report. The 2022 report focuses on seven areas for regulators and banks to consider as the scope and speed of transformation intensifies.
Banks continue to face significant uncertainty in the operating environment. This is being compounded by uncertainty about the regulatory regime in many jurisdictions. They are transforming to address the Green Agenda. They are facing challenges around competition and evolving technologies, such as digital assets and cryptocurrency.
Banks also need to embrace the opportunity to better use the data available to them. Organisations are continuing to drive out costs and enhance the customer experience through the digitalisation of their services.
As transformation accelerates and the pandemic drags into its third year, financial services firms face a range of challenges. From increased operational complexity and a growing mandate to address environmental and social issues. To compete in this environment, firms need to understand the direction of regulatory travel.
In Ireland, we see a flow of regulated entities using Ireland as their post-Brexit EU hub. Many global financial institutions are revisiting their post-Brexit plans, often in Ireland’s favour. However, the issue of global regulatory divergence continues to be significant. It is creating challenges in demonstrating compliance across a range of jurisdictions.
We are also seeing an increasing local and EU-wide focus on both ESG and fighting financial crime. The EU Green Deal is embedded in all policy and regulation coming out of Brussels. The plan to create a new pan-EU AML regulatory system is stirring clients and national regulators into action.
By assessing the future of regulation across seven core areas, banks can take proactive steps to prepare for what’s coming next.