Navigating Regulatory Change Management: A Strategic Imperative for Corpay

By Azba Habib, Chief Compliance Officer, Corpay

For a compliance officer, regulatory change management is not just a piece of the puzzle. It is the puzzle itself. Staying ahead of regulatory changes ensures that all facets of a business, from risk management to product development and customer service, operate within the boundaries of compliance while maintaining profitability and innovation.

At Corpay, regulatory change management rests on three key pillars: foresight, translation, and execution. Foresight is about anticipating regulatory shifts before they take effect, ensuring there are no surprises. This involves allocating resources, budgeting appropriately, and proactively preparing for change. Translation is the process of breaking down complex regulatory requirements into actionable insights that make sense for our business. Execution, perhaps the most critical component, ensures that these regulations are implemented in a manner aligned with our business objectives and risk tolerance.

Managing Complexity in a Dynamic Regulatory Landscape

The payments industry is heavily regulated, and the volume and pace of regulatory changes have increased significantly. These changes are coming at us fast, requiring us to not only track and analyze them but also implement them efficiently. With a shifting political environment, there is the added complexity of potential reversals or modifications to previously enacted regulations. This demands a flexible and strategic approach, knowing when to invest in compliance measures and when to pause for clarity.

Furthermore, the regulatory landscape is highly fragmented. Different jurisdictions, even within the same country, often have varying requirements. As a global company, Corpay must maintain a 10,000-foot view of regulatory expectations across all markets while determining when a centralized or localized approach is appropriate.

The Role of Strategic Partnerships

As a fintech, Corpay does not operate as a traditional bank or a payment network. Instead, we rely on strong partnerships with banks and network providers. This creates another layer of complexity, as we must not only adhere to our own regulatory requirements but also comply with contractual obligations from our partners. Often, we find ourselves implementing regulations that do not directly apply to us but are necessary to maintain our partnerships. The key here is ensuring that our compliance measures protect not just Corpay but also insulate our partners from unnecessary regulatory scrutiny.

Building a Resilient Compliance Framework

Given the global nature of our operations, a key best practice is to "think globally but hire locally." Local experts are critical for understanding jurisdiction-specific nuances, regulatory expectations, and enforcement trends. Additionally, strong local relationships help us navigate complex regulatory landscapes effectively.

Another fundamental best practice is investing in a robust regulatory change management framework. A well-structured framework ensures that compliance processes are repeatable, scalable, and effective in managing ongoing regulatory updates. This framework must be agile enough to adapt to rapid changes while maintaining consistency in execution.

Compliance as a Competitive Advantage

Beyond meeting regulatory requirements, a strong compliance program can be a competitive differentiator. Clients and banking partners expect robust compliance measures as part of their due diligence. A mature compliance framework enhances trust, facilitates stronger business relationships, and, in some cases, even provides monetization opportunities.

Ultimately, regulatory change management is about more than just compliance—it’s about strategic foresight, operational excellence, and positioning Corpay as a trusted leader in the financial ecosystem. By continuously refining our approach and embracing regulatory shifts as opportunities rather than obstacles, we ensure long-term resilience and success.