Perspectives for the Financial Sector

Abstract

Generally, even when regulation appears to be global and uniform, financial service firms tend to be conservative in their approach. Compliance is organized at departmental level, around the software tools and resources to hand. A concerted enterprise-wide response involving all departments is unusual.¹ Despite the time frames built into regulation, the sector has a history of taking its time over responding. However, the US government has not always led by example: US 1441 NRA Regulations, of fundamental impact to every financial intermediary outside the United States, were first mooted in Congress over 25 years ago, yet only came to fruition in the year 2000.