PwC's Managing upstream risk: Regulatory reform review - An asian perspective August 2013 | Page 6

Whilst the standard setters and regulators keep forging ahead with reforms, the question that remains relevant today is whether FIs are able to pick up the baton and run at the same speed. Needless to say that FIs are prioritising regulations and have been beefing up its resources in various control functions. However, accepting regulations and the change it brings about is separate from effectively implementing the regulations and managing its far reaching impact. An example is painting a clear and holis