A strategic and collaborative approach to risk management and regulatory compliance can leverage technology architecture to drive efficiencies, reduce costs and minimise the risk of non-compliance.
Regulators in many industry sectors have introduced new regulatory policies and are continuing to add more. Ofgem for example has introduced the RIIO regulatory framework for price control, smart metering, investment in innovative technologies, etc. for utilities. The FCA, the PRA, the BoE have been imposing huge fines on financial institutions for non-compliance. Ofcom and the European Commission are introducing regulations around roaming charges among others. Even the unregulated industries like the public sector are required to have rigorous risk management frameworks in place while handling huge amount of private individual data and critical national/ governmental information.
The continuously changing regulatory environment has increased pressure on organisations, immersing them in an endless loop of ‘plugging the gap’; hampering their ability to innovate technology architecture and reducing their profitability. Risk management and regulatory compliance has therefore become a major driver for change for the technology function of most organisations.
With the drive towards digital services delivery including cloud computing, enterprise mobility, call recording and big data, organisations need to develop a technology strategy that proactively mitigates risk and ensures compliance. It is vital to put in place effective risk management and governance frameworks to not only meet the current demands but to future proof the business too.
Our consulting services are focused at providing risk management and regulatory compliance support at all stages of the contract lifecycle. These include:
Technology strategy development and assessment
Technology sourcing and contracting
Technology risk transformation
Contract and governance value assessment
Our approach focuses on enabling financial institutions to avoid costly regulatory fines and deliver an infrastructure to enable business transformation.