“We are not financial institutions” historically has been a core fintech mantra heard around the industry. Unconstrained by many regulatory requirements applicable to banks and other financial institutions, fintechs pride themselves on creating deep customer connections, navigating market trends agilely, and creating disruption for traditional competitors.
Disruptive innovations can arrive at any time, from any direction. They have the potential to unravel the assumptions that make your business viable. But for the companies that keep an eye on the horizon, disruptions also carry the seeds of opportunity.
Instead of fearing the next disruption, what if you were poised to exploit it? The telephone, the computer, overnight delivery – in each case, someone was first to embrace the implications. What is the “next next” thing, and how will you respond?
In a new column for Best’s Review, Deloitte LLP Global Insurance Regulatory Leader Howard Mills defines a new evolution in the race against risk.
Continue reading “The next frontier in managing risks”
Regulation can apply to each of our industries in such specific ways—from a liquidity coverage ratio in banking to an ICD-10 code in medicine—that we may sometimes feel the very process of regulatory compliance is unique to our industries too. It isn’t, of course. Regulatory compliance is an experience we share across many ways of doing business.
On October 29, 2014 Deloitte’s Center for Regulatory Strategies invited more than 30 corporate compliance chiefs, regulators and others to use that common experience as a bridge. The Cross-Industry Compliance Leadership Summit was a day-long dive into well-earned wisdom and leading practices across not only financial services and healthcare but also energy, education, life sciences, retail, and other sectors.
I recently moderated at an interactive discussion on evaluating compliance programs at Deloitte’s Cross-Industry Compliance Leadership Summit, where compliance executives from a variety of industries compared notes on the methodologies and metrics they use to measure their efforts.
“If my compliance program prevents, that’s great,” one attendee stated. “If it fails to prevent but detects, that’s okay too. Where it ultimately fails is if there’s management inaction.”
Posted by Peter Reynolds on February 19, 2015.
When a number of C-level compliance officers joined me recently for a discussion about their relationships with regulatory agencies, it was more than a meeting, it was an education. That’s because we had two regulators with us, and the give and take between them and among the other Compliance officers—the candor, and constructive input—could serve as a model for regulatory interactions all year round.
The occasion was Deloitte’s Cross-Industry Compliance Leadership Summit. Chief Compliance Officers from energy, healthcare, finance, retail, and other sectors all took part, as did Jim Sheehan from the New York State Attorney General’s office and Carlo di Florio, Chief Risk Officer of the Financial Industry Regulatory Authority (FINRA).
Posted by Seth Whitelaw, Director, Deloitte & Touche LLP
Just before the July 4,2014, the U.S. Food and Drug Administration (FDA) released a draft of its strategic priorities for the next four years. In case you were busy celebrating the holiday and didn’t have a chance to read through all forty pages of the report, here is a quick recap of some of the goals the FDA will be focusing on between now and 2018. The FDA’s updated goals align closely with the trends we highlighted in our recent mid-year overview of the regulatory environment in life sciences, which looks at these issues in more detail.