October 2011 - Financial services firms should review their compliance and control systems to make sure they are fully functioning and compliant with new regulatory requirements being imposed by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
As financial services firms prepare for increased regulation, scrutiny, and oversight, they are evaluating their compliance and control systems. With new regulatory requirements in the wake of the financial crisis and the Dodd-Frank Wall Street Reform and Consumer Protection Act, a fully functioning, comprehensive compliance program is more important than ever.
Although regulatory, investor, and management expectations of compliance programs have never been higher, resources to perform compliance functions have not increased commensurately. Compliance programs must meet demands -- to perform better, dig deeper, provide broader coverage, faster -- without significant additional resources. To do so, leading firms are embracing technology that can help them manage their day-to-day compliance functions and meet these new expectations.