Justitia Pak, an implementation consultant for Digital Compliance Initiatives at BMO Investments, said this round of changes prompted financial institutions to look under the hood and ensure they have stronger processes, more transparency, better record-keeping. There is more consultant training. not the end.
“We know the rules are changing. The CFR is not the last piece of legislation and regulation that is to come. The world is changing faster and bigger than ever before,” he said. It has to bake technology and digital transformation into its DNA. You need to create a culture that embraces digitisation.”
Pak said he believes it is essential to business success, so businesses need to “really look at digital first technology and try to make it their centerpiece and organize a process around it.” the wanted.”
“It’s not just about saving people money, or just protecting themselves from regulatory mistakes,” he said. “It can also be something that launches you into more competitive strategic opportunities as well.”
InvestorCom’s vice president of product and marketing Dave Carr-Price said he was surprised that many companies are still phasing out reforms. They are delegating the work and doing the work.
