GFT Canada hosted a breakfast briefing and networking event last week to usher in the launch of the “New Normal” survey results.
The event, which was at The National Club in Toronto’s financial district, focused on the impact of regulatory change to Canada’s domestic and global financial institutions. In attendance were regulatory and finance decision-makers from a number of key clients, including Scotiabank, BMO, and TD.
The morning featured a review of the New Normal survey results (available for download here) presented by Ami Grewal, Head of Business Consulting, GFT North America, and a panel Q&A discussion facilitated by Alan Morley, AML & Compliance Practice Lead, GFT North America. The panel, which included senior banking, legal, and regulatory experts, looked at many of the pitfalls and opportunities associated with the current pace of regulatory change, and discussed future scenarios for the financial industry.
A key point that was confirmed in the research results and echoed throughout the event was the idea that regulatory change is occurring at a pace that is unprecedented, but also unlikely to slow down in the near future. Since the Dodd-Frank Act went into effect, financial institutions have had to re-gear operations to prioritize regulatory compliance; however, while the vast majority of institutions agree that regulations are helping them make better business decisions, few companies have implemented formal, uniform processes surrounding regulation. Instead, the majority of organizations are pursuing tactical work-arounds and multiple communication channels to ‘tick the boxes’ of regulatory compliance, without looking for ways to innovate or gain a strategic advantage in the marketplace. This is an ideal time for consultancies like GFT to come in and help financial institutions optimize and streamline their regulatory compliance processes, to turn a tactical exercise into a strategic one.