Answering the Needs of the Global Compliance Market

2016 to 2024: A Decade of Regulatory Transformation

The world of regulatory compliance is one of constant evolution, driven not only by the ever-changing demands of global markets, but also by the rapid advancement of technology, the increasing complexity of global supply chains, and the heightened expectations of regulators and stakeholders. From 2016 to 2024, the employee compliance landscape has undergone a profound transformation, characterized by a surge in new regulations, the global unity of standards, and a growing emphasis on ethical business practices.

This period has seen organizations reimagining their compliance strategies, moving beyond mere adherence to regulations to embrace a proactive, risk-based approach that integrates compliance into the very fabric of their operations. These changes have been brought about by the rise of digitalization, the introduction of cutting-edge technologies such as artificial intelligence and machine learning, and an increased focus on transparency and accountability. As a result, employee compliance has evolved from a reactive function to a strategic differentiator of business success, driving innovation, enhancing corporate reputation, and fostering sustainable growth.

2016: The Catalyst Year for Regulatory Change

The year 2016 marked a significant turning point for global regulatory activity. It witnessed the implementation of several key regulations that set the tone for the decade to come. Among these were the EU Market Abuse Regulation (MAR), the UK Senior Managers and Certification Regime (SMCR), and Hong Kong’s Securities and Futures Commission Manager-In-Charge (MIC) regime. These regulations were designed to enhance governance and risk management, particularly in large financial institutions, and were built upon the foundations laid by the 2014 OCC Heightened Standards.

• MAR aimed to prevent market abuse, ensuring that financial markets operated with integrity and transparency.
• SMCR sought to hold senior managers in the UK’s financial services industry accountable for their actions, reinforcing the importance of strong governance.
• The MIC regime in Hong Kong focused on enhancing the accountability of senior managers in the securities and futures industry.

Additionally, 2016 brought a renewed focus on whistleblowing protection. Governments and regulatory bodies around the world recognized the need to safeguard both companies and employees in situations where reporting misconduct was necessary. Whistleblowing mechanisms became a critical component of corporate governance, emphasizing the importance of transparency and ethical behavior.

StarCompliance’s Strategic Response to Global Challenges

In response to these significant regulatory shifts, StarCompliance (Star) took proactive steps to support its clients. Recognizing the global nature of these changes, Star integrated its SaaS employee compliance solutions across different markets, ensuring that organizations could efficiently manage compliance requirements regardless of location.

Star is also committed to educating its clients about these new regulations and their implications. The company offered a range of resources, including publications, webinars, and white papers, focusing on key topics such as whistleblower programs.

These resources were designed to help organizations navigate the complexities of the new regulatory environment and implement effective compliance strategies.

This strategic response was part of Star’s broader commitment to being a trusted partner in the compliance industry. By staying ahead of regulatory trends and offering solutions tailored to the needs of its clients, StarCompliance positioned itself as a leader in the field.

The Global Impact of COVID-19 on Compliance

The global COVID-19 pandemic that began in 2020 brought unprecedented challenges to the compliance industry. As markets experienced panic and isolation, compliance teams faced the daunting task of ensuring that their organizations continued to adhere to regulatory requirements, despite the disruption caused by the pandemic.

During this time, Star played a crucial role in supporting its clients. The company invested in new solutions and acquired market-leading technologies to help organizations adapt to the rapidly changing environment. These efforts were aimed at ensuring that fair market practices were maintained, even in the face of global uncertainty.

Summer Webinar Series  

As we look back on a decade of regulatory change, it’s evident that the challenges we’ve encountered have only bolstered our determination. In celebration of the 25^th Anniversary of Star, we are excited to invite you to our exclusive three-part summer webinar series, Reflections on Compliance.

This series features 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 explore the advancements in compliance over the past 25 years, recognizing the crucial contributions of our clients, and investigating the technological developments that have been instrumental in our sector’s evolution.   

The third webinar, Employee Compliance 2016 – 2024: Navigating Regulations for Global Transformation, on September 19^th at 11 am EST, will feature: Steve Brown, Head of Business Development at Star and industry partners Alan Morley, Director – Anti Financial Crimes & BSA Advisory at Huron and Owen Rapaport, Co-Founder & CEO at Aer Compliance. 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.  

Attendees of this webinar will also earn credits toward their Continued Professional Development (CPD) requirements, ensuring they stay up to date with the latest industry developments. Save your seat here.

All webinars will also be available for on-demand viewing.

 Join Us at Synergy ‘24

In addition to this summer series, Star is excited to invite industry professionals to its annual Synergy ’24 events, which will be held in London (October 3^rd), Boston (October 15^th), and New York (November 6^th), featuring live interactive panel sessions with regulatory and compliance luminaries. These sessions will provide valuable insights into the industry’s future and offer attendees the opportunity to engage with some of the brightest minds in compliance.

Space is limited for all three in-person events, so act quickly!

3 CITY ROADSHOW

Locations & Dates

Steve Brown

As Head of Business Development, Steve Brown is responsible for helping drive growth at Star, with a focus on go-to-market planning, data and vendor partnerships, channel sales, new markets, and mergers and acquisitions. Steve joined Star in April 2021, and brings with him 25 years of experience advising financial firms on regulatory compliance. Prior to joining Star, Steve was Director of Broker-Dealer Client Services at Compliance Risk Concepts LLC, a senior director at PwC, and Head of Fixed Income and Capital Markets Compliance at U.S. Bancorp Investments, Inc. Steve began his career at Wachovia, where he was Head of Global Investment Banking Compliance and Control Group, and is considered a pioneer in the control room space—having established the bank’s first formal control room function.

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