Other parts of this series:
Have you been applying band aids to challenges facing your financial firm’s compliance function? Maybe you’ve made incremental change, hovering around the edges. Or maybe you’re trying anything you can think of to keep pace in today’s climate of permanent change.
Is it time to consider something new?
Our Compliance Risk Study surveyed more than 150 senior compliance professionals at banks, capital markets and insurance providers around the world. We found a function striving to keep pace. But we also found that with the appropriate structure and leadership, compliance leaders can build a function that meets today’s—and tomorrow’s—challenges.
Bold thinking is the first thing compliance leaders can cultivate. Implementing one-off solutions might ease a short-term situation, but bigger, sweeping change may be the only way to redesign the function for the long haul.
We see three ingredients that can help compliance leaders move their function forward:
- The next-gen compliance officer: Change is going to start from within. Compliance leaders working toward Compliance 2.0 can benefit by being digitally fluent, analytical and proactive.
- New roles and responsibilities: As the operating model shifts, so should roles. What responsibilities are needed to allow better risk management—and to retain the function’s “seat at the table?”
- New technologies deployed at industrial scale: The appropriate technology infrastructure can help identify risks and bad actors earlier in business transactions while delivering the “table stakes” of greater automation of controls.
If your compliance organization—like many of those we surveyed—is facing budget cuts as well as today’s state of permanent change, pulling off the shift to Compliance 2.0 requires decisiveness and clarity.
Are you ready to give it a try? Learn how we can help your organization prepare for and implement an all-new, highly effective approach to compliance, and move your function into the information age.