ISITC TALKTIME: The Future of Compliance
TalkTime Podcast: The Future of Compliance
In this TalkTime Podcast Gary Wright, Director of ISITC Europe discusses with Ian Perham, senior consultant at Tori Global, the future of compliance and the challenges faced by firms’ compliance officers and strategists, as the industry moves to real-time processing. Ian raises a number of important questions that should be asked by them of their firm’s management in operations. Including, the question of utilising budgets not only for changes for T+1 implementation, but also to meet the myriad of regulatory requirements, which are coming down the pipeline. For example, combining suitability and reporting regulatory requirements with improving data quality and accessibility, in order to achieve real-time processing.
The growth in tokenised assets and cryptocurrencies were also discussed and how regulations might evolve domestically and internationally, which could be planned for today.
- So, what should compliance officers be thinking about today?
Accelerated settlements or T+1, which all major markets will have to achieved by 12th October 2027, will also accelerate ongoing changes in market structures and generally in operations. The move to T+0 looks a short hop away after T+1 and is already being talked about by many major investing and trading firms. The process of change in markets has been unleashed and the impacts of the required changes will be unprecedented! T+1 also means that a global industry structured around batch processing systems will struggle to maintain efficiency and control of transaction funding costs. Especially for international investors. So, we can anticipate the drive to attract international investors and IPOs will force market structure firms to change their operational capabilities and systems to real-time processing with no cut off times!
We are already seeing a year-on-year growth of Tokenised assets, running in parallel with the traditional markets. Tokenised assets do not have the same challenges as financial products in the traditional markets. So, one might conclude that tokenised assets might well in time replace the financial products we have today.
- Over what timeframe and when should firms begin the various processes of changing their business and their technology to position their firm for future generations?
Compliance is hardly a driver of change but often reacts to change, usually after regulations are drafted. Thus, as we enter this period of market transformation, what should compliance officers, strategists and operations professional be doing now to prepare themselves for the future to ensure their firm remains protected against regulatory failures and enables the business to continue growing.
The challenges discussed in the Podcast will be debated in an ISITC Europe roundtable of industry experts, compliance officers and strategists on the 12th of June kindly hosted by Tori Global. The aim is to give attendees an industry wide understanding of what challenges their firms, and the market will face and what can be done now.
Note: A small apology for the poor sound quality in parts, as Ian’s headset was not working properly, but we hope this does not detract from your enjoyment of the content discussed in this podcast.
If you are interested in joining in the discussion on the 12th June, we have a just a few places available, please click here to register.
Viewing time: 11 mins
Ian is a senior securities industry practitioner with a 30-year track record of managing and supporting successful delivery across the financial services industry including exchanges, fund managers, wealth managers, investment banks, brokers, custodians, CSDs, banks, building societies and third party providers.
Prior to joining TORI Global, Ian worked on a range of projects covering business change, business analysis, migrations and outsourcing, remediation, regulation, strategy, business reviews, operational risk management, market research, systems implementations, client services, and interim management for clients including Barclays, Credit Suisse, Deutsche Bank, ING, NYSE Technologies and UBS.
His recent focus has been on TORI’s partnership with Gresham, including managing an implementation of their CTC Control reconciliation solution, and the move to T+1 / Accelerated Settlement. Other recent and current projects include Wealth Management Operating Models, CSDR, and Operational Resilience, helping firms prepare for and manage under the CSDR Settlement Discipline Regime and PRA/FCA Operational Resilience requirements
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