Key Practices - Regulation and Compliance
New directives are becoming more frequent, increasingly invasive and principle-based rather than prescriptive, as was previously the case. This means that those firms seeking to comply must first interpret these regulations and decide what, in very precise terms, compliance means for them.
Experience shows that each firm’s specific interpretation of regulatory directives can be a time-consuming and painstaking process. Each article of a directive must be analysed, understood and applied in a way that the regulatory body e.g. the FSA, will find acceptable. Further compounding the compliance challenge are the ever shorter deadlines.
The BRAXXON Approach
BRAXXON works with financial institutions to achieve compliance with Directives, Guidelines and Standards that are introduced by regulatory and standard authorities in a way that brings business benefit and potential differentiation in an increasingly competitive market.
Experienced regulation and compliance consultants monitor and research both imminent and distant changes. Guidance and assistance is offered to clients with regard to the likely impact they will experience and the necessary remedial action to achieve compliance.
BRAXXON`s Regulation and Compliance methodology and associated diagnostic tools are deployed to simplify the process of achieving compliance on time and without undue disruption to the business. The methodology components are:
- Evaluation and Assessment of likely impact.
- Comprehensive impact analysis
- GAP analysis
- Definition of remedial changes for the business and supporting technology.
- The Change Programme.
- Implementation
- Generic and bespoke training programmes to achieve knowledge transfer.