Globalization and global compliance

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Challenge: As firms expand into more and more emerging markets, disparate regulations make it difficult to leverage compliance systems enterprisewide, forcing many companies to implement costly and often redundant point solutions to comply with local requirements.

Why It’s Important: While MiFID has unified oversight within the European Union, it actually has made compliance for U.S.-based firms that do business on both sides of the Atlantic more complicated. Also, U.S. firms have to comply with several different regulatory bodies in the U.S., including the SEC, the Financial Industry Regulatory Authority (FINRA) and state regulators. Further, as firms expand into more and more global markets, their compliance departments are burdened with responding to the complex local regulations, particularly in emerging markets such as China, Russia, Brazil and India.

Complying with disparate regulations not only requires knowledge of local rules, it often requires multiple technology solutions. “In the past, banks have always had a layer-on-layer, point solution, which is very expensive,” observes Peter Horowitz, SVP, managing director, financial services, at BearingPoint. Streamlining global regulations certainly would make compliance less onerous and less costly.

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