Enter-Touch Bank Reliance

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There is no mechanism of going into the past, the pre-crisis era of lighter-touch bank supervision. The most influential way of overcoming the regulatory obstacles is to transform the compliance procedure into a competitive advantage which further changes the financial industry through regulatory lens.
Introduction
As the economy is progressing day by day , therefore the modern society and economy, both require an accountable, efficient and effective, financial services and financial systems in the industry. With the passage of time the recurrent market failures show that the financial industry is in need of radical reforms, for the benefit of financial users and the society.
The new and successful approach of change in financial regulation …show more content…
The Financial services organizations are required to establish mechanisms for tracking all the regulations which have an impact on the products and the financial system. While implementing the changes it is observed that only few huge firms in several countries have this tracking department for updating the regulations. Whereas the smaller companies take the services of law companies and legal consultants to brief them about the new updated regulations. While making changes in the regulation the companies should establish a tailored process for gathering the valid information. For numerous firms the procedure of collecting, authenticating and reporting the information is a manual exercise for periods of two years after the imposition of new …show more content…
In the process of transformation of regulations the companies are required to change the data gathering and analyzing process such factor increases the expenses and decrease the growth, revenue and profitability due to increase the capital usage. Before any alteration in the regulation is made the companies are not prepared due to which they experience patchwork in the legacy system, complicating the compliance process and expenses.
The financial firms consider transformation in regulation as a burden because it increases the workload, cost, decrease in profitability, increase in the regulatory pressures, an increase in the outsourcing of work for handling change and managing work. Even the current employees have to give extra input. The constant addition to the changes made in regulation keeps on contributing to the confusion and complexity in the industry (Saunders, Cornett, & McGraw,

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