Global economic uncertainty is surging amid extraordinary events arising from geopolitical and economic challenges including the war in Ukraine, inflation, supply chain disruption and the possibility of a global recession. These uncertainty shocks have real consequences for industries and business all over the world. More regulations requirements around transparency, risk management and efficiencies are becoming a reality.
Organisations are spending billions of dollars in implementing regulatory change. They are also investing increasing amount of time and effort around those regulatory requirements impacting risk management, operations efficiencies, reporting and compliance function. Regulation directly impacts the innovative process. Technology and innovation have enormous impacts on regulations. To be successful, organisations need to take into consideration the linkages between regulation and innovation.
Many technology developments have been influenced by regulatory change requirements, which have also changed the underlying competitive structure within industries such as telecoms, banking and insurance.
Organisations are streamlining and automating processes to transform their operations and operating models to release entire value and secure competitive advantage.