By Susannah Hammond
LONDON, Jan. 9 (Thomson Reuters Accelus) – This year will be a year of clarifying, evaluating and beginning to implement the practical detail that underpins the sweep of regulatory change due in 2012 and beyond. The changes are not limited to the rulebooks but encompass the regulatory bodies, required structural changes (to banks in particular), the identification of systemic financial services firms and, last but not least, changes to the regulatory perimeter.
Last year saw compliance officers undertake fundamental regulatory reviews and maintenance, as well as ensure the map of their businesses and employees was accurate and that there were effective mechanisms in place to keep it up to date.
The strategic success for a firm faced with the changes due in 2012 will depend on the strength of the foundations on which it is built. As all experienced compliance officers know, one cannot implement change if one does not have an accurate map to build on. Here are 10 things that compliance officers must consider in 2012.