A Decade of Transformation in Financial Services
How the period between 2009 and 2015 shaped the future of employee compliance
The 2008 financial crisis, a watershed moment for global economies, precipitated a domino effect of regulatory overhauls. Governments and financial bodies worldwide scrambled to stabilize markets with swift policy implementations aimed at preventing a recurrence. This period marked the beginning of a rigorous reevaluation of financial practices and regulatory approaches. While many factors contributed to the global financial crisis including subprime mortgages and the housing bubble, insufficient oversight of financial practices was the common thread leading to the crisis.
The Reforms of 2009-2015
In response to the crisis, significant regulatory milestones occurred. The Dodd-Frank Wall Street Reform and Consumer Protection Act marked a comprehensive overhaul in the United States, aimed at increasing transparency and reducing risks. In the United Kingdom, Parliament took decisive steps to tighten senior management supervision, establishing more stringent accountability mechanisms. These reforms were pivotal in steering the market towards recovery and regaining investor confidence.
The Role and Evolution of Compliance
As markets stabilized, the role of regulatory compliance evolved significantly. Initially met with skepticism, regulatory technology soon became a crucial ally. Tools and systems were developed to manage the increased complexity of compliance requirements more efficiently. This era saw a shift in perception, with technology enabling compliance teams to navigate new regulations with greater ease and precision.
Emergence of Cryptocurrency
Coinciding with regulatory upheavals, 2009 also saw the birth of cryptocurrency, introducing a new asset class met with both intrigue and skepticism. Initially dismissed by many as a passing fad, cryptocurrencies have gradually gained recognition, amidst ongoing debates about their viability and regulatory status, which continues to the present day.
Technology’s Impact and Future Directions
Technology has undeniably become a cornerstone of modern compliance practices. From data analytics to automated reporting tools, technological advancements have not only enhanced the efficiency of compliance operations but have also improved the ability to anticipate and mitigate risks. Looking forward, the integration of AI and machine learning promises to further revolutionize the world of compliance.
Summer Webinar Series
In celebration of the 25th Anniversary of StarCompliance (Star), we are excited to invite you to our exclusive three-part summer webinar series, Reflections on Compliance. This series will feature prominent industry leaders and compliance experts, providing insights into our industry’s extensive history. The webinars, in addition to our quarterly executive brief titled, Necessity Drives Innovation explores the advancements in compliance over the past 25 years, recognizing the crucial contributions of our clients, and investigates the technological developments that have been instrumental in our sector’s evolution.
These sessions are designed for compliance officers, regulatory professionals, and technology officers within multiple industries, along with anyone interested in the intersection of regulation and technology. It offers a unique opportunity to learn from the experiences of those who were at the forefront of adopting compliance technologies during a critical period.
The second webinar, Joining Forces for Regulatory Reform (2009 – 2015), will feature Star and industry partners. Secure your spot today and join us for this enlightening discussion on the evolution of compliance and the critical role of technology in shaping the regulatory landscape.
All webinars will be available to view on demand following the live event.
Webinar
Joining Forces For Regulatory Reform: 2009 – 2015
Following nine years of uncertainty and instability across financial services, 2009-2015 brought new regulations and rebounding markets.
