• Skip to primary navigation
  • Skip to main content
  • Skip to footer
Cryptopia: Regulation & Crypto on a Cliff Edge

CUBE global

  • Products
        • RegPlatform product overviewOur enterprise product, providing regulatory intelligence for large, global financial institutions looking to tackle complex compliance.
        • RegAssure product overviewOur highly intuitive, seamless compliance product, that grows with your small or medium sized business.
        • View all products
  • Solutions
        • PrivacyGlobal governance for data privacy regulations, the world over
        • RecordsHolistic oversight of ever-growing regulations for records
        • CybersecurityAutomated workflows for up to date, relevant data on cyber
        • Technology riskEffective policies and controls to mitigate technology risk
        • Financial crime and AMLWatertight audit trails to show risk-based rationale
        • View all solutions
  • Resources
        • Resource hubLifting the lid on financial services, compliance, and regulation
        • Read

        • Blog posts
        • Reports
        • Brochures
        • Find

        • Compliance Corner
        • ESG Conference
        • CUBE’s regulation game
        • Listen

        • Videos
        • Webinars
        • Podcasts
  • Partners
        • Advisory and consulting partnersEnhance your regulatory compliance offering with the entire suite of CUBE regulatory data.
        • Integration partnersCompliance is complex enough without over-complicated integration procedures.
        • Technology partnersAdd value to existing customer applications with a unified window into regulatory intelligence.
        • Partners overview
  • About us
        • About usThe story of who we are, how we got here and why we’re exceptionally proud of what we do
        • TeamThe visionaries and leaders powering CUBE’s success
        • NewsThe latest news from CUBE
        • CareersOur movement to transform regulatory data into regulatory intelligence
        • ContactWant to know more? Get in touch
  • Request a demo
Customer login
Home » Resources » What is… Horizon Scanning?
financial institutions on the horizon interested in regulatory change

June 16, 2020

Estimated reading time: 2 minutes

What is horizon scanning?

As the pace of regulatory change increases, access to an effective horizon scanning tool is a must for all regulated financial services firms.

Compliance risks are innumerable, ranging from failure to properly implement regulations to events including money-laundering, insider trading and hacking scandals. In the digital economy, it’s imperative to keep ahead and anticipate risks before they materialise…this is where horizon scanning becomes a necessity.

Horizon scanning is the means of looking to the future to ascertain what challenges it might hold. In terms of RegTech, horizon scanning means looking ahead to anticipate the regulatory changes that might come into play, so that a firm is ready to implement such changes from the first day that they come into force.

The scale of change can differ; some changes are small and relatively easy to manage, other changes (MiFID II for example) touch every corner of business operations; requiring advanced and considered forward planning. Without continuous horizon scanning, and the ability to assess the impact of upcoming regulatory change on a firm, policies and procedures quickly become obsolete and non-compliant.

Anticipating, identifying, and understanding the impact of upcoming regulatory change (new regulations, legislation, guidance, and updates from around the world) is a critical capability for every financial services organization. Since 2008, the global financial services sector has seen more than 50,000 new rules and regulations come into force – equating to one new regulation every twelve minutes!

With this explosion of regulations, manual horizon scanning processes are proving ineffective as they require vast teams to trawl through countless data sources. It is for this reason that horizon scanning operations have turned to technology – as the task can be carried out almost instantaneously with the right technology.

For example, CUBE’s Digital Regulation Platform transforms the ability to track and monitor regulatory change and then link it to compliance obligations. The platform leverages artificial intelligence, robotic process automation, and other transformational technologies to fully-automate financial services horizon scanning. It will:

  • Track and capture all upcoming financial services regulation – across 180 countries in 60 languages;
  • Connect upcoming regulatory statement content to existing controls, identifying those affected and requiring remediation;
  • Provide instantaneous insights into gaps between upcoming regulatory obligations and existing controls and policies;
  • Provide a holistic view of enterprise-wide compliance risks posed by upcoming regulation and legislation;
  • Alert business owners when upcoming regulations expose compliance gaps; and
  • Quickly determine their impact across your organization.

Related resources
View all resources
Staff at the SEC discuss a culture of compliance for Reg BI
Blogs

SEC expects a culture of compliance for Reg BI

Robinhood fined $30 million for violating cryptocurrency regulations
Blogs

Turning tables: fine for Robinhood as regulators close in on crypto

Sylvia Yarbough whispers to a colleague about the key to customer complaints
Blogs

Continuous monitoring vs. outcome testing: two sides of the same coin

Consumer Duty
Blogs

FCA Consumer Duty: adjusting the power balance for financial services


Want CUBE updates and latest industry news sent straight to your inbox?

Footer

Add CUBE logo here

Search CUBE
  • Products
    • Partners
    • Solutions
  • Resource hub
    • Blogs
    • Reports
    • Brochures
    • Compliance Corner
    • Webinars
    • Podcasts
    • Videos
  • Behind CUBE
    • About us
    • Meet the team
    • Careers
    • News
    • Contact us
  • The legal bits
    • Privacy policy
    • Cookie policy
    • Terms of use
    • Accessibility
Follow us:
  • LinkedIn
  • Twitter
  • YouTube

© 2021 CUBE Content Governance Global Limited

envelope

Want CUBE updates and latest industry news sent straight to your inbox?

Sign up to our Newsletter here