Regulatory Risks And Regulatory Risk Management - 773 Words

What is regulatory risk and regulatory risk management? There is no one definitive definition of â€Å"regulatory risk†, but most people have a good understanding of what this term means. One way of looking at regulatory risk is that it is the risk of getting negative attention from a regulator or having the â€Å"licence to operate† withdrawn by a regulator. Clearly, this would adversely impact on the economic value of any organisation, regardless of size. Regulatory risk management involves the identification of the different types of regulatory risk, assessing the impact of these risks, determining the risk appetite of the organisation, and putting in place risk management procedures and controls. Why is regulatory risk management important? Regulatory risk management brings many benefits to an organisation. It goes without saying that, put very simply, proper and effective regulatory risk management keeps an organisation out of trouble. This is because it informs the decision makers on how to operate the business, from managing day-to-day activities such as processing routine transactions, to attending to atypical matters such as assisting in a regulator’s investigation. With enhanced decision making and greater operational efficiency, regulatory risk management can derive a genuine competitive advantage for any organisation. Excellence in regulatory risk management also differentiates – an organisation can be distinguished from its competitors by the confidence the market has inShow MoreRelatedThe Impact Of Neglecting The Regulatory Drivers For Staff Development And Wat Insurance Brokers s Risk Management1993 Words   |  8 PagesIn order to report on the impact of neglecting the regulatory drivers for b oth staff development and WAT Insurance Brokers own risk management, it will be necessary to discuss the following: †¢ Regulatory non-compliance; †¢ Increased errors; †¢ Heightened business exposures; †¢ Potential termination of trading relationships with insurers. In order to discuss compliance, it is important to remind ourselves that the Systems of Senior Management Arrangements, Systems and Controls (SYSC) section 6.1.1Read MoreRegulatory Changes And Regulatory Risks1082 Words   |  5 PagesIn order to identify regulatory risk, changes in regulation must first be identified. 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