As a global business, we need to be aware of and engaged in political and regulatory decisions. This is fundamental to understanding wider political developments and the evolution of the regulatory environment, as well as fostering stakeholder trust.
In 2016, we took steps to improve how we respond to regulatory change and leverage synergies within the bank. This included merging our Regulatory Affairs and Group Structuring teams, as well as a global alignment of the Government and Public Affairs unit. Both teams work in close cooperation, reporting directly into the Chief Regulatory Officer. Through these functions, we become aware of regulatory developments at an early stage, and coordinate group policy positions accordingly. This helps build our profile in regulatory policy debates and engage constructively with regulatory stakeholders. It also informs strategic decision making and provides oversight and control over how key initiatives are implemented, as well as insight for senior management on upcoming issues of public policy. To further inform the policy making process, we provide political stakeholders with information and data that set out our strategic options.
We track the interactions between our employees and external political and regulatory stakeholders and are a signatory to the EU Transparency Register. In recent years, we have formally responded to numerous public consultations and contributed through our membership of regional trade associations. In addition, we organize and participate in events that bring policymakers together with academic and industry representatives to discuss a range of current policy issues. Our political work is centered in Berlin, Brussels and Washington, D.C.