VUCA – an environment of relentless Volatility, Uncertainty, Complexity and Ambiguity. The Financial Services Industry faces the greatest wave of regulation. The impact of which is far–reaching. Only those who can derive value from regulatory change will triumph in a VUCA world.
How do you derive value from the hurdles of regulation you are faced with?
Leading organisations (globally and in South Africa) are seeing regulatory change as an area for competitive advantage. In our experience, this means that an organisation needs to understand the rationale behind regulation, how regulation can become an opportunity in the business and how to position it as such to its key stakeholders such as employees, shareholders and customers. This is according to Deloitte publication: Regulatory change: It’s not about “ticking the box”.
There are several reasons as to why the “ticking the box” approach to managing the people impacts of regulatory change is not effective:
- Regulation is often too technical and vague.
- The introduction of regulation often takes a long time, with several iterations of drafting regulation, shifting deadlines and content changes
- Employees are becoming irritated by the rapid growth of regulation and the corresponding growth in reporting, administration and work, on top of a full-time job and all the other transformational programmes that are already taking place.
- There is a lack of focus on the impact regulation has on people as a result of policy, process, technology and reporting changes.
Read this piece to learn how leading organisations are responding to regulation, and how your organisation can derive value from regulation.
If you have any questions or require a more detailed discussion, contact Jissille Pillay at firstname.lastname@example.org