Enabling compliance driven change
BSG’s compliance service is about identifying the underlying changes required in order to meet regulatory standards and making these changes happen. This requires understanding the impact of proposed changes across the operating model followed by designing and executing the changes in an elegant and efficient fashion.
All too often, advice about compliance focuses solely on identifying what change needs to happen. You need to know XYZ about your customers or you need to report ABC about your transactions. The challenge for the business is translating this is into a practical change project.
In order to know XYZ, you need to change your origination process to ask XYZ of your customer and change your systems architecture to store XYZ data. In order to report ABC about your transactions, you need to change your systems processing to calculate ABC for each transaction, establish a connection to a global trade repository and exchange the relevant data.
Built on this core service, BSG also has experience of supporting regulatory forward look processes, providing business analysis services on regulatory change programmes and using our BA toolkit to support selection of compliance software.