Risk and regulatory reporting experts and solution providers compile research to guide international firms through the new regulatory terrain
FRSGlobal, the only global provider of risk and regulatory reporting solutions with coverage for over 40 countries on a unified platform, today released an in-depth report titled ‘Global regulatory responses to the financial crisis’. The report, produced by Selwyn Blair-Ford, senior domain expert at FRSGlobal, explores what the major regulators in the UK, US, EU, and regulatory bodies (such as the Bank for International Settlements) have focused on to prevent reoccurrence of further financial crisis.
Blair-Ford said: "Those responsible for tracking and understanding the regulatory environment have a very difficult time at present. The different policy making bodies are coming out with a deluge of proposals, but each with a different language and tradition for describing similar concepts. There are also differences in meaning and emphasis to contend with. I put this report together to obtain a holistic view of what has been proposed, and ultimately help the industry make informed decisions about future requirements."
The analysis is in the form of an ‘at-a-glance’ reference document which can be used as a guide for those involved in the financial services industry that have a stake in the way the new regulatory landscape is forming. The document includes:
* 13 key areas of regulatory response: Capital adequacy, Accounting, Liquidity, Institutional & Geographic coverage, Deposit insurance, Bank resolution, Credit rating agencies, Regulation of financial markets, Remuneration, Consumer protection, Macro-prudential analysis, Supervisory approach and Risk management and governance.
* Source document references
* A summary of the similarities/differences between each region’s regulatory approach – for each of the categories
* Information as to where to look for future developments
Blair-Ford continued: "As I was writing up this research it became apparent that on the whole, everyone is on the same page in terms of regulatory policy responses. However, when you explore further, you notice that different jurisdictions are at different levels of readiness which means that, inevitably the pace of adoption won’t be the same. If those differences become too large we won’t achieve the level regulatory playing field that we have been looking for and ultimately run the risk of inviting further troubles. This research represents the scorecard at half time – there is still a lot of work to be done."
