G20 - Worldwide Regulation - Operational Risk

With world leaders converging on London this week Gordon Brown believes that the aim of the London summit is no less than the redesign of the world financial system to respond to the downturn.
Two of the summit aims will have an impact on Operational Risk, namely, fortifying the regulations surrounding financial institutions to prevent a repeat of the current crisis and
reforming the organisations responsible for regulation throughout the world. This will undoubtedly give poorer nations a say in what will happen going forward.
You might wonder what this has to do with your business........Every business is affected in some way by regulations and we should try to appreciate what purpose they serve and how best they can be complied with. Professional bodies, such as accountants/solicitors are well aware of what regulatory requirements are needed for their sector, however, could e.g.money laundering checks be carried out more rigorously, or by a more competent member of staff. The spotlight is now going to be on such checks and we should take time to ensure colleagues are aware of what is required of them.
Smaller (non financial) operations e.g Web Design company/Builder etc will have other regulations to comply with e.g. Data Protection/Health and Safety. Regulations are here to stay and no doubt set to increase, but hopefully to enable a more efficient global network of day to day operations.