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Thomson Reuters 'How-To' Series
Creating a culture of compliance
in financial services

Article preview:

The policy shifts signaled by a 2015 Department of Justice memo, titled “Individual Accountability for Corporate Wrongdoing,” have elevated compliance concerns for financial institutions. In an effort to curb corporate misconduct, and reform a pay-to-play regulatory outfit, the memo has reduced monetary fines for companies and raised every employee’s personal stake in compliance.

This memo is the latest impetus for financial institutions to reform and reorganize their compliance cultures. Already straining to meet the demands of post-crisis legislation like Dodd-Frank and the Basel III Accord, the threat of personal liability for management and personnel compels financial C-Suites to expand the controls of their compliance managers. To promote a firm-wide culture of compliance, the leadership of financial institutions must create chief compliance officer positions and empower them with significant decision-making and supervisory authority. The C-Suite must set a positive example and dictate the cultural tone for the organization, so compliance becomes a value that resonates from the boardroom to the mailroom…

What you'll take away:

Read this article to discover how to promote a culture of compliance in your institution that rewards employees for “doing the right thing” and reporting wrongdoing to the correct channels:

  • Leadership in the C-Suite of financial institutions must create and empower so compliance becomes a value that resonates from the boardroom to the mailroom
  • Investment in regulatory technology to promote cultural initiatives and keep your organization honest
  • Having the most accurate and holistic view of counterparty risk exposures before they corrupt human resources or depository accounts

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