Multiple regulators: a case for IT

Authorised firms have to understand and action those requirements imposed, in many cases, not just by the FSA but by numerous other supervisory bodies. This means identifying the regulators, their rules and interpreting how they impact on the business. The firm then has to define and implement the necessary changes to its processes to accommodate the regulations and monitor compliance. A number of factors make this process very complicated, writes Gary Holden of BCS Croup, factors which, he suggests, use of robust and agile information technology can render tractable.

What is the problem?

The problem of defining and managing regulatory compliance has a number of root causes: