ISITC TALKTIME: Building A Compliance Strategy
TalkTime Podcast: Building A Compliance Strategy – Key Themes
This is the latest of our regular Podcasts with Gary Wright, Director of Industry Affairs at ISITC Europe and Tori Global, Senior consultant, Ian Perham where they discuss building a Compliance Strategy – Key themes. These came out of the points raised from the last ISITC Europe roundtable. The main objective of that roundtable being to look at the future of compliance.
The elements Ian raised during the podcast discussion were combined with these key themes to arrive at a much-needed industry compliance strategy, which firms should build to prepare for the future.
Gary and Ian’s conversation started with T+1 but quickly moved onto connected topics and issues that firms should prepare for. Including the benefits of building a Compliance Strategy that dovetails with operations and business. Ian pointed out the sort of processes that firms need, to begin to create a compliance strategy. He noted that ‘it’s not a one size fits all affair’ but one that each individual firm needs to assess today.
As firms that make up the capital markets embark upon changes for T+1 and the possibility of T+0 grows closer. Ian mused about this potential development together with the onset of 23/7 hour trading and investing, moving to 24/7 at some stage. The speed of settlement operating in near real-time exposes firms to an increased risk of fraud and money laundering. It was highlighted that once assets had left the building, it’s nearly impossible to get them back.
The future is clearly going to encompass many changes. Tokenisation, cryptocurrency and the attraction of international investors, along with possible market structural changes and legacy systems.
ISITC Europe will be producing a further compliance roundtable later this year to discuss in more detail the themes raised. More information on this will be posted in due course.
To recap, this roundtable was produced by ISITC Europe and hosted by Tori Global with notes taken by Ian Perham. As usual all ISITC Europe roundtables are conducted under the Chatham House rule to allow free and frank opinions.
Typically, in true ISITC Europe style our invited audience covered a range of different firms in capital markets. Which enables a genuine industry discussion, where no constituent part is promoted. Indeed, what was interesting was the commonality of issues and sort solutions. A copy of the post event report is available via this link.
Part 1
Viewing time: 19 mins
Part 2
Viewing time: 14 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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