A new report from KPMG predicted the banking and financial services industries will be hit with unprecedented regulatory intensity in 2024, with regulators expecting compliance deficiencies to be addressed more thoroughly and quicker than ever before.
The report, “Ten Key Regulatory Challenges of 2024,” released Tuesday, advised banks and financial services firms to prepare for a return to heightened risk standards, higher regulatory expectations, strong supervisory and enforcement action, a focus on data and modeling, and the application of existing regulations to new technologies.
“We are experiencing a level of regulatory intensity rarely seen—not the simple effect of ‘net-new’ regulations but the combination of a high-volume of regulatory issuances, the complexity and breadth of regulatory supervision, and the impact that these changes impose across the organization,” the report said.
