With a new administration taking over the White House in January there has been plenty of conversation and speculation about the future of the U.S. regulatory environment. Much of the regulatory focus has been on the Dodd–Frank Wall Street Reform and Consumer Protection Act and of course the threats to dismantle it. As a compliance leader, does this conversation change your plans for 2017 and beyond? Has the dialogue made it more difficult to set your strategy or acquire the resources that you may need to round out or enhance your compliance management program? Your CFO may no longer be willing to make costly investments based upon the current unknown regulatory situation.
Interestingly, there has been a balance of commentary that has been supportive of the rules. Some executives view current requirements as reasonable and the right thing to do, especially to keep shareholders and investors happy. There is also the position that it would not be cheap to dismantle the infrastructure that has helped the organization comply with current regulations in the first place.
While we may soon have more clarity on the future of regulation, the reality is that replacing existing rules will be challenging and could take years to unpack. This could be a particular challenge in the financial industry with the multiple regulatory agencies and the chance that the Dodd-Frank Act may not be overturned in its entirety. Companies could be taking on greater risk by not complying.
So stay the course and keep monitoring the dashboard to deliver the compliance program your organization expects. We’ve helped many clients by providing solutions to overcome compliance challenges like the Dodd-Frank Act. Contact us today at 718.709.4875 to learn more.
About the Author:
Mitch is the head of the Compliance Practice at Mindcrest, and is responsible for assessing the compliance needs of each of our clients. He designs and develops creative solutions for our clients using his strong regulatory expertise.