The financial industry is subject to constantly evolving laws and regulations. In the last 3 years alone, there have been around 1,800 regulatory publications per institution.* It’s impossible for a financial institution to keep up with all these changes when they need to focus on their day-to-day operations. That’s where we come in. Projective Group has a team of legal specialists who monitor these publications on a daily basis and keep track of the sectors and institutions affected. During a Regulatory Update, we provide our clients with a tailored overview, complete with implementation advice. This way they can stay compliant without breaking a sweat.
A multitude of sources…
In the financial industry, there’s a plethora of impending legal and regulatory changes. Over the past 3 years alone, there have been roughly 1,800 publications per financial institution. The information comes from various sources. For our client, an international wealth manager serving both institutional and retail investors, keeping up with all of these changes wasn’t feasible. However, they wanted to know which legal and regulatory changes were on the horizon for them, so they could be prepared to comply with them in a timely manner. That’s where our Regulatory Update proved a valuable solution.
“We had already advised this client in the past about ESG regulations (Environmental, Social & Governance),” says consultant Laura Blok, legal consultant responsible for our Regulatory Updates. “They realised we were quite knowledgeable about all these new laws and regulations. So when they decided that they wanted to gain more insight into other new rules, such as AML (Anti-Money Laundering) for example, they called us up for help.”
…balled into one quarterly update
So how do we manage to keep the overview? We use Ruler, our compliance software. Projective Group has an editorial team of legal specialists who examine all of the publications that are released every day from various public sources, on a EU-level. Our editorial team looks at each publication and determines to which type of organisation it applies, and what the impact is.
We then categorise this overview and tailor it to specific institutions, such as banks, investment institutions and insurers, and eventually translate it into customised reports for our clients. That way, they only get the information that’s relevant for them.
“While Ruler is more generic – it tells you which laws and regulations are relevant for any bank or wealth manager, for example – the Regulatory Update is tailor-made for each client,” Laura explains. “We look specifically at the client’s operations, activities, their customers, and so on. Not only at the present moment, but for the future as well. We ask if they plan to offer services in the near future that aren’t part of their offering at the present day, and we take that into account, so the client is prepared for what’s coming. We also look at laws and regulations that affect them indirectly. For instance: when a wealth manager manages a pension fund, they would want to know what’s happening in the pension sector as well. So it’s quite an exhaustive, and completely unique report for each client.”
Our Regulatory Update is tailor-made for each client, taking into account their operations, activities, customers, strategy, and so on.
A collaborative effort to achieve tailored advice
There’s certainly a big advisory component to this service, but we can also help with the practical side of things. After all, we also have extensive experience with gap analyses and implementation processes. The important thing to remember is that everything that we do is done in collaboration with the client. “We meet the client every quarter, so we build a rapport with them. We get to know them better and become aware of the critical points within the organisation. As we become more familiar with the client’s operations, we can offer even more value,” says Laura. “This is a collaborative effort of course. The more information the client provides, the more targeted our advice can be.”
Projective Group combines the detailed understanding of the client’s operations – not just of one specific aspect but a holistic view of what’s happening in the organisation – with a broader look outside the company walls. We have many clients, so we know what other market players are doing. “We never name names, of course, but we have a good insight into market trends and our clients can definitely benefit from that,” Laura says. “It also proves quite reassuring to our clients to know that other market players are facing similar challenges as well.”
Our service is a collaborative effort: the more information the client provides, the more targeted our advice can be.
In a nutshell (conclusion)
Our Regulatory Update enables institutions to stay abreast of changes in financial laws and regulations in an exhaustive and stress-free manner. It gives the client peace of mind knowing that these important tasks are being monitored by an external organisation whose sole focus is laws and regulations for the financial services industry.
During the quarterly meetings, we inform the client of impending changes in laws and regulations specific to their activities. Future plans and indirect regulations are also included in these updates. This allows clients to work proactively rather than reactively, and always proactively respond to the latest changes. An additional advantage is that Projective Group has a broad understanding of the market, and can inform clients about market trends in their area.
*Estimate based on data from our compliance software, Ruler.
About Projective Group
Established in 2006, Projective Group is a leading Financial Services change specialist. With deep expertise across practices in Data, Payments, Transformation and Risk & Compliance.
We are recognised within the industry as a complete solutions provider, partnering with clients in Financial Services to provide resolutions that are both holistic and pragmatic. We have evolved to become a trusted partner for companies that want to thrive and prosper in an ever-changing Financial Services landscape.