RegAlert Deloitte's holistic solution to Regulatory Compliance Monitoring
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
RegAlert Deloitte’s holistic solution to Regulatory Compliance Monitoring
The challenge of keeping up in a constantly evolving regulatory environment
500% 60% 30% $400b
The pace of regulatory updates In the last decade, compliance- 30% of Compliance Officers are Regulatory fines globally has
has increased by 500% globally related operating costs have unclear about regulator’s surpassed $400 billion within the
since the GFC increased by 60% globally expectations Financial Services Industry
Organisations face the challenge Organisations are aggressively A common challenge faced by Regulators are increasing scrutiny
of keeping up with the hiring more compliance resources organisations is to understand or on FSI organisations, especially in
accelerated pace of new to address the demands of interpret regulations accurately. the areas of data privacy,
regulations issued by regulators. regulators, increasing their As a result, they may not be AML/CFT, conduct risk and cyber
overhead cost of the organisation identifying suitable controls to risk management. As a result,
manage or mitigate compliance regulatory fines are at its highest
risks. level today.
Source: Deloitte Research
© 2021 Deloitte Business Advisory Sdn Bhd RegAlert 2
A look at the Compliance function maturity continuum
Robotics and Talent ROI and value
use of tech management creation
Basic Better More
compliance Analytics integration strategic
Productive
analytics
• Core Compliance requirements and expectations are • Enhanced synergies between first and second LoDs • Optimised oversight and execution processes;
met to improve efficiencies and rationalise oversight and defined LoD reliance models
• Basic Compliance operating model in place with execution processes • Fully populated, linked, and implemented
identified roles and responsibilities • Defined end-to-end technology architecture for governance, risk, and compliance technology
• Methodologies in place to evaluate, remediate, and sourcing, aggregation, and analytics of Compliance platform
stabilise the basic Compliance structure; traditional data to enable less reactive and more proactive • Broad usage of predictive analytics and process
requirement inventories, risk assessment and training Compliance management automation for gained efficiencies
programs • Compliance role is elevated and pronounced in • Proactive talent management/ capacity planning and
• Basic or no data technology capabilities in place to strategic and business line planning scalable resource deployment
support Compliance reporting • Framework in place to monitor Compliance resource • Alignment of Compliance and overall business
allocation strategy; value articulated through measurable KRI
• Clear Compliance vision and strategy embedded results
across the organisation
Foundation Modernisation Value creation
© 2021 Deloitte Business Advisory Sdn Bhd RegAlert 3
The need to invest in a more advanced level of regulatory compliance management
Tighter, faster Increased need for Holistic view of risk and Increasing liability Cost-efficiency
competition coordination compliance
When every tenth of a Instead of yesterday’s From predicting and Organisations are subject Organisations are
percentage point counts, silos, modern enterprises sensing to acting and to more rigorous seeking ways to reduce
the value that need top-of-house monitoring, the lines examinations and costs while seeking ways
organisations can derive strategies and reliance between these formerly steeper fines. to be more effective with
from the Compliance models, fueled by data separate realms are Compliance officers are increased capacity
function is no longer that keep their risk quickly disappearing facing individual
optional management functions responsibility and
on the same page liability as well
© 2021 Deloitte Business Advisory Sdn Bhd RegAlert 4
Introducing RegAlert
Deloitte’s holistic solution to Regulatory Compliance Monitoring
Regulatory Register
To capture and compile all relevant regulations in a central depository (regulatory library) for ease of
accessibility and referencing, with timely updates of the register
Regulatory Mapping
To assess the criticality of the relevant regulations and map the regulations to relevant action owners
with a clear view of recommended action items for the impacted function
Regulatory Monitoring
To develop a structured compliance monitoring program to track the compliance status of the
regulations, supported by a comprehensive and user-friendly Compliance Monitoring Dashboard
Regulatory Scanning
To perform horizon scanning to track current and new regulatory developments on a regular basis
Regulatory Support
To provide advisory services for the regulatory requirements relevant to the organisation
through our Subject Matter / Industry Experts
© 2021 Deloitte Business Advisory Sdn Bhd RegAlert 5
Introducing RegAlert
Building a comprehensive Regulatory Register for a one-stop centre to access all regulations relevant to you
Build regulatory library with user-friendly search functions and filters
Conduct assessment on
organisation’s business Identify laws and
activities and operations regulations that are
to understand the applicable to the
organisation’s regulatory organisation
universe
Central depository in Excel Central depository in Automated Tool
List of regulatory issuances covered by RegAlert
Policy Documents Guidelines / Guiding Principles Frequently Asked Questions
Exposure Drafts Notifications Circulars
Regulations Discussion Papers Guidance / Clarification / Technical Notes
Legislations Directives
© 2021 Deloitte Business Advisory Sdn Bhd RegAlert 6
Introducing RegAlert
A comprehensive and structured approach to Regulatory Mapping
Regulatory Register Regulatory Mapping Regulatory Monitoring
Dissect regulatory obligations by sections / paragraphs using OCR Automation of all
Identify applicable laws
regulatory obligations
and regulations of the
and input for continuous
organisation Regulatory Deloitte OCR (MS Structured Data monitoring
Guidelines (PDF) Visual Studio) Extraction
Build regulatory library
Assess risk, criticality Map regulatory obligations to
and impact of the relevant action owners and
regulatory obligations identify specific action items
© 2021 Deloitte Business Advisory Sdn Bhd RegAlert 7
Introducing RegAlert
Leveraging technology and analytics for effective Regulatory Monitoring
Tracking and monitoring of regulatory requirements are as critical as identifying them. Organisations need a structured compliance monitoring
programme to assess the risk and criticality of the relevant regulations, identify the action items and action owners, and track the overall compliance
status of the regulations.
Compliance Testing and Remediation Action and
Compliance Report Compliance Dashboard
Monitoring Plan
Review all relevant information of Automate compliance workflows Identify all issues into a Review compliance data via a
the regulatory obligations including and controls testing by assigning consolidated view and assign the user-friendly dashboard that is
risk assessment, impact of non- tasks to compliance owners in a right personnel to address and customised to the organisation’s
compliance, due date etc. through a consolidated system to monitor close the issues, enabling quicker requirements with a built-in
comprehensive Compliance Report resource activities, reduce time response to emerging risks and calendar to monitor the overall
using extensive search capabilities. burdens on resources and minimise outstanding regulatory obligations. status of regulatory compliance.
the risk of compliance failures.
© 2021 Deloitte Business Advisory Sdn Bhd RegAlert 8
Introducing RegAlert
Regulatory Scanning to keep you on your toes of the latest regulatory developments
Real-time horizon Tailored and relevant Immediate Seamless change
scanning updates regulatory updates management
Real-time tracking of hundreds of Receive tailored regulatory New or revised regulations are Updated regulations are assessed
regulatory sources globally using updates that are relevant to you immediately uploaded into the and mapped to the relevant
keywords to filter and scan for new and your business, filtering out central depository to ensure your compliance owners for seamless
and/or updated regulations, to the “noise” so you can focus on regulatory library is always up-to- management of regulatory
ensure you never miss out on the what really matters date and relevant change, allowing you to stay
latest regulatory developments ahead of the game
How it works
Not relevant
No further action
Impact
New or revised
assessment on
regulation issued
regulatory update Organisation is Risk assessment and mapping of
notified of new / Regulatory updated regulation to compliance
revised regulation library updated owner(s), identification of
Relevant
for confirmation mitigating controls
© 2021 Deloitte Business Advisory Sdn Bhd RegAlert 9Introducing RegAlert
Deloitte has a multi-disciplinary team consisting of experienced risk managers, seasoned compliance officers and ex-
regulators to provide Regulatory Support on your journey towards regulatory compliance
Areas covered Services offered
Prudential Data Protection Framework Development Training
Market Conduct Financial Crime Gap Assessment Model Validation
Consumer Protection ESG ISO Certification Readiness System Implementation
Basel Requirements Risk Assessment
Regulatory Reporting Control Effectiveness Testing
Technology / Outsourcing Risk Governance Review
Payment Systems License Application Services
© 2021 Deloitte Business Advisory Sdn Bhd RegAlert 10Benefits of RegAlert
Horizon scanning Regulatory expertise Regulatory library Business efficiency Cost optimisation
RegAlert scans for regulatory Framework developed and Creates a central depository Fast access to critical Achieve long-term cost
updates, providing alerts to supported by Deloitte’s of regulatory knowledge information drive efficiency, savings with the reduction of
ensure changes in relevant network of SMEs that management, for storing saving valuable employee compliance cost and
compliance are monitored in constantly provides updates artefacts and compliance time. regulatory fines.
real time. on data and insights from best practice.
regulatory sources.
© 2021 Deloitte Business Advisory Sdn Bhd RegAlert 11Contact us
Justin Ong Bonnie Lee
Malaysia Regulatory Leader Senior Manager, Regulatory & Legal Support
Deloitte Malaysia Deloitte Malaysia
+60 3 7610 8895 +60 3 7610 7205
keaong@deloitte.com bonlee@deloitte.com
© 2021 Deloitte Business Advisory Sdn Bhd RegAlert 12Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more. Deloitte Asia Pacific Limited is a company limited by guarantee and a member firm of DTTL. Members of Deloitte Asia Pacific Limited and their related entities, each of which are separate and independent legal entities, provide services from more than 100 cities across the region, including Auckland, Bangkok, Beijing, Hanoi, Hong Kong, Jakarta, Kuala Lumpur, Manila, Melbourne, Osaka, Seoul, Shanghai, Singapore, Sydney, Taipei and Tokyo. About Deloitte Malaysia In Malaysia, services are provided by Deloitte Risk Advisory Sdn. Bhd. and its affiliates. This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms or their related entities (collectively, the “Deloitte organization”) is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No representations, warranties or undertakings (express or implied) are given as to the accuracy or completeness of the information in this communication, and none of DTTL, its member firms, related entities, employees or agents shall be liable or responsible for any loss or damage whatsoever arising directly or indirectly in connection with any person relying on this communication. DTTL and each of its member firms, and their related entities, are legally separate and independent entities. © 2021 Deloitte Business Advisory Sdn. Bhd.
You can also read
