What is global regulatory compliance?

In a world where technology and finance has brought the world closer, the changes that have occurred has resulted in clients looking for faster and accurate solutions for their firm’s financial needs. It goes without saying that global regulatory compliance is vital to the success of any product that is not only under scrutiny in the product development and testing phase but is also an ongoing process that is conducted by the regulatory authorities while in use.

Since every product needs to follow the guidelines provided in complying with government regulations, every industry in one way or another has to remain cognizant of these regulations. Take for example, the financial services software industry which caters to firms and clients for whom real-time data is vital to smooth functioning of the organization’s securities transactions.

The Emergency Economic Stabilization Act of 2008 has definitely changed several areas of the financial services industry where the cost basis reporting by issuers, transfer agents, brokers, banks and mutual funds has to meet stringent standards.

So, in this scenario, it is important for firms to hire the services of organizations and their business analysts in order that understand what these new regulations are and how one can comply with them. What this will mean is that wash sale and basis transactions will be adjusted as well as help you understand how to cope with the changes involved. Almost immediately, an organization can prevent IRS fines due to inaccurate reporting along with a host of other benefits that can give you true value for your money.