Pandemic-related relief measures add to complexity of managing compliance risk
Timothy R. Burniston, Senior Advisor, Regulatory Strategy with Wolters Kluwer Compliance Solutions, shares insights for U.S. financial institutions adapting to current and expected regulatory priorities and oversight measures in a new podcast.
In this 37-minute podcast, “Consumer Compliance: Shift Priorities to Follow Changes in Regulatory Oversight Trends,” Burniston looks at ways banks may seek to fortify their compliance measures to prepare for the residual impact of the pandemic on consumers. He also examines the regulatory ramifications of leadership changes in Washington, and the anticipated increase in regulatory change. He notes that more than 40 percent of financial institutions are accelerating their “investment in the automation of regulatory change management processes...[which] correlates with the continued need to stay on top of the waves of regulation that have to be absorbed so quickly, especially when there are so many other things to do.”
Burniston goes on to explore the expected regulatory and policy changes the Biden Administration and Congress may bring in areas such as fair and responsible banking, citing findings from Wolters Kluwer’s most recent regulatory and risk management Indicator banking survey. He also considers what a post-pandemic and relief package operating environment might look like for financial institutions. The podcast is moderated by Samir Agarwal, Vice President of Banking, Wolters Kluwer Compliance Solutions.
“The amount of change and uncertainty in today’s financial services environment makes informational presentations such as this all the more essential in helping financial institutions understand the issues impacting their ability to effectively manage compliance risks,” says Steven Meirink, Executive Vice President and General Manager, Wolters Kluwer Compliance Solutions.
This consumer compliance podcast (Episode 18) is the latest in a series of Wolters Kluwer’s Banking Compliance Insights podcast series, created to deliver insights on compliance trends and strategies for navigating today’s regulatory and risk environments. Listeners can access the podcast content via recording or read the podcast transcript.