Horizon Scanning for Compliance Officers in UK Banking & Payment Services Key Strategies for Success.pdf

This presentation provides an overview of key strategies for effective horizon scanning, a critical activity for compliance officers in the UK banking and payment services sector. The focus is on staying informed about regulatory changes, industry trends, and technological advancements. It covers essential strategies such as monitoring the regulatory landscape, conducting regular risk assessments, and keeping the organization updated on potential risks. The presentation also highlights important regulatory outlooks like Open Banking, Strong Customer Authentication (SCA), AML/CFT, and emerging focus areas including cryptocurrencies and climate-related financial risks. Finally, it emphasizes the value of proactive compliance and the role of expert consultancy in staying ahead of industry challenges.

1. Introduction to Horizon
Scanning
Definition: Briefly explain what horizon scanning is and its
importance in compliance.
Objective: Highlight the goal of staying informed about
emerging trends, regulatory changes, and technological
advancements.

2. Key Strategies for Effective
Horizon Scanning
Regulatory Monitoring: Emphasize the need to
stay updated on regulatory changes through
industry publications and relevant websites.
Industry Trends: Discuss the importance of
monitoring technological advancements and
competitor activities.
Risk Assessments: Explain the role of regular risk
assessments in identifying and mitigating
potential threats.

3. Key Regulatory Outlooks
Open Banking & PSD2: Outline the impact of open banking
and the Revised Payment Services Directive (PSD2).
Strong Customer Authentication (SCA): Discuss the
importance of SCA in reducing fraud.
AML & CFT: Highlight the focus on Anti-Money Laundering
(AML) and Combating the Financing of Terrorism (CFT).

4. Emerging Focus Areas
Cryptocurrencies & Digital Assets: Overview of
the increasing regulatory scrutiny on
cryptocurrencies and digital assets.
Climate-Related Financial Risks: Discuss the
growing importance of addressing climate-
related risks in the financial sector.

5. Conclusion and Call to
Action
Summary: Recap the importance of horizon
scanning for compliance officers.
Consultancy Services: Promote MEMA
Consultants' services in assisting organizations
with horizon scanning and compliance efforts.
Contact Information: Provide details on how to
reach out for further support.

6. CONTACT US
[email protected]
03301330811

Suite 1810, Unit 3a,34-35 Hatton Gardens, Holborn, EC1N 8DX
https://www.memaconsultants.com

7. Thank you
very much!