Global financial regulators have issued more than $26B in market conduct fines to financially regulated institutions and individuals since 2012. Although financial institutions have learned to navigate uncertainty and manage the complex risks associated with market conditions, the House Financial Services Committee’s Congressional Hearings continue to suggest that firms struggle to address the critical issue of conduct risk.
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Building IBOR Transition Programs for Global Financial Institutions
“The end of LIBOR: the biggest banking challenge you’ve never heard” highlights both the challenges and complexities of the transition away from IBOR benchmarks and the general lack of industry awareness. Given the importance of IBOR as reference rates for vast amounts of loans and traded product exposures, financial institutions should quickly mobilize their resources to tackle the significant upcoming challenges.
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Software Testing Trends: 2020 and Beyond
As we progress into 2020, software testing continues to be top of mind across many industries, and there are a lot of exciting innovations facilitating improvements. Growth in automation, machine learning, and AI coupled with improved testing methodologies will make 2020 a year to remember.
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Securities Financing Transactions Regulation (SFTR): Another Step Towards Regulating Shadow Banking
SFTR is aimed at bringing greater transparency to the securities financing and repo markets. By mandating Security Financing Transactions (SFTs) reporting to a central repository in a standardized way, regulators are attempting to gain new insights into potential systemic risks and to look for indicators to avoid future crises.
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Preparing for the LIBOR Transition
Over the next two years, the transition to a post-LIBOR world will be a fast-paced and challenging journey. LIBOR rates are deeply entrenched in the global financial services industry and serve as a basis for pricing hundreds of trillions of dollars of assets. Although large financial institutions have become adept since the post-crisis era at addressing complex regulatory changes, the migration to alternative risk-free rates (RFR) presents a particular set of new challenges.
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Streamlining Regulatory Compliance Through Process Automation
Financial institutions continue to face multiple hurdles in the seemingly endless quest for efficient and effective regulatory compliance. While taking the full load of compliance completely out of human hands is unlikely, automation can provide some significant relief.
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