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By KPMG - Ten Key Regulatory Challenges Facing the Financial Services Industry in 2016
The complexities of the current regulatory environment undoubtedly pose significant challenges for financial institutions, as regulators continue to expect management to demonstrate robust oversight, compliance and risk management standards. Regulatory mandates, such as the Federal Reserve Board's Enhanced Prudential Standards Rule and the Office of the Comptroller of the Currency's Heightened Standards, and other stakeholder demands, such as those stemming from customers, investors, and counterparties, are not likely to subside in the foreseeable future, but rather, will likely only be augmented by unforeseen ones. Although these challenges are particularly pressing, for the largest, most globally active firms, including insurance companies under the supervision of the Federal Reserve Board, smaller institutions are also struggling to optimize their business models and infrastructures in order to address this growing scrutiny and pressure. The following are some of the key regulatory issues that are impacting our clients.