Regulation & Compliance
The current regulatory framework in the UK is undergoing considerable change. With the Financial Services Authority's stance shifting ever-more towards being principles-based, it is becoming increasingly difficult to ensure your organisation is compliant without over-reacting just to be on the safe side.
Among the top priorities for organisations when attempting to comply with these principles is to ensure that you meet (or even exceed) simultaneously the competing needs of the Customer, Regulator and Shareholder.
This involves many trade-offs, for example, the required investment for compliance reduces the total budget available for other areas of investment such as IT and innovation. These decisions are not straightforward, but it is important to be efficient and effective with your compliance investment.
The key is to ensure the requirements of the compliance ‘bar' are met whilst minimising the impact on your sales, overhead costs and brand reputation. High-jumpers receive no prize for clearing the bar by miles. Similarly, there are no commendations from regulators for far exceeding your regulatory requirements, indeed, the costs can be crippling.
The Regulation and Compliance practice at Hitachi Consulting has deep and practical experience in providing advice and support to our clients; we help deliver business-critical regulatory projects to challenging, deadline-driven timescales. We have been successful on a number of occasions in abiding by the principles-based requirements and are happy to share our experiences and learning with you.
Typical assignments involve experienced Hitachi Consulting consultants working with a collection of compliance, legal and line management staff to interpret, operationalise and implement a Regulator's or Supervisory Authority's principles, rules and requirements.
We assist our clients in all areas of Regulation and Compliance and can draw on expertise where required. Our core competence is the following areas:
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Principles Based Regulation - including TCF