What 5 compliance issues keep you up all night?
My how time flies. It’s been nearly a dozen years since excessive risk-taking by banks and the collapse of the US housing bubble spurred a global financial crisis. It has been nearly 25 years since the collapse of Barings, the world’s second-oldest merchant bank, collapsed as a result of fraudulent investments by an employee in its Singapore office.
Now, in a pandemic-drive recession, what have we learned?
Not much. According to the “Cost of Compliance Report 2020” by Thomson Reuters Regulatory Intelligence (TRRI), which surveyed the industry before the Novel Coronavirus flipped the world on its head, we have learned so much, and we have learned nothing.
Co-authored by Susannah Hammond and Mike Cowan, the report underscores that while pandemic challenges may be uppermost on everyone’s mind, the underlying issues that have always impacted compliance and exposure management continue to percolate just below the surface.
The demand for regulatory change and oversight continues. At the same time, as Patrina often reports, there have been scads of rogue traders. There is still considerable regulatory change seeking to ensure both financial stability and positive customer outcomes. Nonetheless, COVID-19 or no, there still are many, many rogue traders, Ponzi schemers, and scandalisers in addition to the pandemic-pushed financial crisis rocking the world economy.
5 key compliance exposures to address…Now!
According to the TRRI Report, even before the COVID-19 pandemic disrupted the globe, 2020 was already shaping up to be another challenging year for financial services industry compliance professionals.
What keeps compliance professionals up at night? The following outlines five critical issues for chief compliance officers and their compliance teams now:
Why the best compliance defense is always a great compliance offense
The pandemic accelerated what was already a fast-moving trend – the work-from-home workforce and enhanced opportunities for compliance exposures. Given the hand we’ve all be dealt, this is likely the “new normal” for the foreseeable future.
But here we are. And, there is no question that pandemic or no, bad actors will continue to sidestep compliance or neglect it altogether. That’s where Patrina comes in. For more than 25 years, Patrina has been helping compliance professionals like you stay on the “straight and narrow” efficiently and cost-effectively. So, let’s talk. Call 212-233-1155 to ask about Patrina’s cost-effective, designated third-party services, our comprehensive 8-module compliance solution, and compliant data capture & file storage, and records archiving specifically designed for the financial services community. Be smart. Be covered. Let’s talk.