Kevin Malicki keeps financial institutions up-to-date on Governance, Risk, and Compliance (GRC) as Director of Product Management at Harland Clarke.
Love him or hate him, it’s clear that President Trump has made undoing regulatory reform to the financial industry a key priority of his administration.
Nowhere is that more evident than with Dodd-Frank and the Consumer Financial Protection Bureau (CFPB). But depending on which stories you hear, changes range from complete revocation to minor tweaks around the edges.
The uncertainty has left banks and credit unions in a holding pattern, with some trying to speculate and not be caught off-guard and others taking a more cautious “wait and see” approach.
Based on history, one thing is certain: a change will occur.
For this reason, financial institutions that proactively prepare will be better positioned to capitalize on whatever changes are in store.
So what can you do now?
Here are three steps any financial institution can take while we wait to see what the specific changes will be.
- Conduct a self-evaluation of your processes and tools to determine if they’re siloed or obsolete in the face of regulatory complexities.
- Modernize your outdated processes and tools now, before you’re in a position of having to at the 11th hour, when any changes will be both rushed and more costly.
- Eliminate any organizational siloes when it comes to governance, risk and compliance. Make sure everyone who needs it has access to a single version of the truth in your institution. This will save time, money and headaches later.
Whether it’s more regulation (unlikely) or less, arming yourself with a solution to easily identify the impact will make a big difference in being compliant — as well as providing a potential competitive advantage over your competition.
After all, being first in the market is often the name of the game.
>>Ready to improve your institutions’ risk and compliance efforts? Click here to get the 40 question checklist, “Questions Institutions Should Ask When Assessing Data Breach Risk.