This month, we will look at the latest movements within UK compliance departmental spend and how it has seen an enormous surge over the last few months for UK firms who are struggling to keep-pace with the ever-changing regulatory landscape.
We also sat down with Industry Leader Sujata Dasgupta, Global Head – Financial Crimes Compliance Advisory at Tata Consultancy Services Ltd to hear how she first started her career in financial crime and compliance as well as key industry trends and developments every compliance team should take note of.
Additionally, we look at LIBOR transition process, measuring firms’ transitional readiness with less than 6 months to now go until LIBOR’s cessation. Learn more on how there is currently a cautious sense of optimism with regards to reaching the deadline in a healthy and prepared manner for many market participants.
Read on, for the key market updates, trends, and industry leader insights that you need to know this month.
Compliance departmental spend has seen an enormous surge over the last few months for UK firms who are struggling to keep-pace with the ever-changing regulatory landscape.
Of this increasing overall spend, more and more firms are putting the weight of their budgets towards people-based resource as opposed to technology, and for very good reason.
Read on, to discover why these changes have led in-house teams to increase compliance spend e in order to cope with the regulatory demand placed on their compliance functions, and why now, more than ever, the right people are the most important spend for all compliance teams.
We recently sat down with Industry Leader Sujata Dasgupta, Global Head – Financial Crimes Compliance Advisory at Tata Consultancy Services Ltd.
In our fascinating discussion, Sujata gave us her industry-insider views on her indpeth history working in the global financial crime sector as well as key industry updates.
With less than 6 months to now go until LIBOR’s cessation, there is currently a cautious sense of optimism with regards to reaching the deadline in a healthy and prepared manner for many market participants.
Working bodies and regulators have for some time of course been advocating the need for transitional efforts to be increased in time for the December deadline, and following the FCA’s announcement of March 5th2021, LIBOR’s cessation became a tangible goal for many businesses to focus towards. The announcement provided market participants with much anticipated clarity by announcing the dates for the cessation of publication of, and non-representativeness of, various settings of LIBOR[1].
While many have turned to alternative benchmark rates, there are still challenges faced by many firms who are behind in their transitional efforts.
So exactly where is the market with regards to the looming deadline? And what should your firm do if they too are struggling to keep pace with the requirements to meet key-dates in this transitional process?
In our recent poll, we asked insurers what some of their biggest challenges were with 41% of respondents stating that claims processing was their single biggest challenge followed by a tie with cyber risk and change management coming in second.
Momenta were able to set up one of the largest remote and secure working teams, filling around 200 resources in a short timescale.
Through our support, the client was able to make logistical arrangements required to facilitate this, from IT equipment, connectivity and remote access, for all Momenta Associates.
To learn how we were able to stand up additional capacity with fast turnaround times, read the case study here.
The post-COVID-19 world will present enormous amounts of opportunities for those who are prepared, and many are starting their preparations to transition into new market norms now, by equipping themselves with flexible, experienced, and effective contingent workforces.
To find out how Momenta can help you with your contingent workforce planning and resourcing, contact us today.