Ways Organizations can Protect Themselves During Deregulation
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Deregulation on the federal level might make financial services organizations feel they can take a more relaxed approach to their operations, but that isn’t the case. Deregulation will often change the nature of their risks from a compliance focus to other ones such as privacy and security, data collection, or reporting. Even with less federal scrutiny, state laws and state regulatory actions covering the same issues can still apply, and in some cases, could even be enforced more heavily.
In this article, BAI provides several factors financial services organizations should consider to ensure customer data is safe and that the organization is protecting themselves in any regulatory environment including:
- Maintaining strong regulatory change management programs
- Keeping risks assessments updated
- Focusing on governance and risk management best practices
- Continuing to adhere to existing regulations
To learn more on how to protect your financial services organization during deregulation, download BAI’s "Ways Organizations can Protect Themselves During Deregulation" article today!