A dive into the unknown: managing compliance and risk for an Open Banking future
Highlights from the OpenText/FST Media roundtable series: Melbourne & Sydney, 2019
Persistent changes in prudential and consumer protection regulations are placing undue pressure on financial services institutions to enforce compliance, whilst industry watchdogs are furthermore failing to adapt to changing industry norms and consumer expectations, according to industry participants at the FST Media/OpenText roundtables, held across Melbourne and Sydney last June.
In an environment that now encourages the free exchange of data, participants across both Melbourne and Sydney sessions shared unease over the increasing role of ‘under-regulated’ thirdparty actors in customer transactions, as well as concern around the unwashed tide of data entering organisations, and the need for managers to drive cultural change within their businesses to anticipate and adapt to a fast-changing regulatory environment.
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