IoD Day 2 – Banking Compliance Challenges

Bank America Merril Lynch is the subject

Vast number of new regulatory regimes and ill formed regulations.

Questions

How do regulatory systems get created

How does the regulatory system create compliance challenges?

Regulations lead to laws leads to compliance rules leads to case law and also ISO standards

rate of regulatory advances exceeds capacity of the overall system to cope. collaboration is part of the answer between all the key stakeholders.

Need to use careful Risk Management of the terminology and the technical language, translate business terms to IT language and the information managed by the organisation.

Regulatory regime tends to be fuzzy but IT needs to by crystal clear.

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