It may be better for lenders to start gearing up for pending industry rules ahead of time than to wait for final regulations.
“Waiting adds a lot of risk and complexity,” Teresa Blake, practice director, lender solutions team, at Wipro Gallagher, told this publication in an interview Friday.
“By actually getting in and writing the requirements early you get a preview into what is coming,” she said.
“I don’t think we lose anything from an efficiency perspective,” Blake added, when asked if the revisions this can necessitate result in any inefficiencies, noting that there is less adjustment on a net basis.
“It tends to reduce the rushed work that is done,” she said, resulting in an approach to the regulatory change that is “more structured” and has fewer defects.
“Starting early can be a competitive advantage,” Blake added.
She said this was clear in the past implementation of
Narayan Bharadwaj, business head, Wipro Gallagher Solutions, said when it comes to compliance with new or developing regulations, a standardized approach also is advantageous.
“The more you deviate from the flock the riskier you are,” he said.
