Over the years, most developing nations have tried to strengthen their banking sector, primarily by introducing globally accepted regulations. Despite the global regulations being toned down and localized to suit the specific requirements of a particular geography, most banks are still in a nascent stage of technological evolution to absorb the changes as mandated. Regulators in developing markets must understand that for banks to comply with newer regulations in the future, there has to be considerable amount of background technological evolution primarily from a data perspective. And, this is where developing nations can take a cue from the Reserve Bank of India (RBI) before creating a roadmap for Risk and Compliance regulations.
‘Future-proofing’ Compliance: Lessons for Global Banks from a Visionary Regulator more