Every year, Australian financial services businesses are faced with a staggering amount of regulatory change. Ensuring a resilient financial system demands that the regulatory environment adapt quickly to new development.
Compliance, risk and legal professionals are regularly called on to grapple with an enormous number of regulations, including over 2,500 updates issued by the likes of APRA, ASIC, RBA, OAIC and other regulatory bodies in 2021 alone.
Covid has added to the complexity by permanently changing the way many businesses work. In a post-pandemic world, staying agile is key. Compliance needs to adapt to new realities governing the dynamics between boards, committees, teams and individuals. And in all of this, it’s clear that technology will play a critical role.
The Thomson Reuters Cost of Compliance 2021 report identified the biggest compliance challenges as keeping up with the volume of regulatory change, meeting the increasing regulatory demands and expectations, and the lack of skilled resources. According to the report, “Compliance functions need to embrace technology and must develop the skills to establish how best to use digital solutions which enable them to do more with less.”
Compliance is critical but time and money are scarce resources
The financial services industry is highly regulated and it’s a constant challenge to balance competitive and compliance pressures.
Staying across all the relevant obligations and guidelines is incredibly time-consuming. Not to mention expensive.
Compliance officers and legal advisers, as well as finance professionals themselves, currently spend significant time finding, downloading and scrolling through lengthy documents stored across multiple regulator websites.
- The cost of compliance is a significant burden for everyone and is disproportionately high for sole traders, smaller firms and startups.
- The cost of non-compliance can be severe – fines imposed on financial institutions both locally and globally are enormous.
Many organisations simply don’t have adequate resources to deal with the vast volume and unrelenting pace of regulatory changes.
RegulationCity changes that.
Every page of every regulation is just one click away
An overwhelming number of Australian financial services regulations and guidelines are currently available exclusively as PDF or Word downloads from regulator websites.
PDF and Word documents are the dinosaurs and dodos of modern business communications. They predate the internet and make workflow unnecessarily complex. Even something simple like searching for keywords is clunky. And mapping common obligations across multiple regulations is a nightmare.
With these less than adequate tools, compliance officers are truly behind the eight ball when it comes to staying on top of every little change to regulatory requirements. And yet that’s the expectation and demand that is placed on them on a daily basis.
RegulationCity is a groundbreaking new way to gain access to Australian financial services regulations from multiple regulators in a single destination. It allows you to stay up to date easily and cost-effectively with comprehensive coverage, continuous updates and personal alerts.
Even the lengthiest of PDF and Word documents can be transformed into elegant web pages, and you can navigate to any page with just a single click.
RegulationCity subscribers can access any Australian financial services regulation and also benefit from the following features:
- Advanced search.
- A single click to related documents.
- Contextual references between related documents.
- Full WCAG 2.0 compliance for accessibility.
- Mobile and tablet optimisation.
- Instant translation into 100 languages.
- Regulations are updated within 24 hours of release.