The global financial crisis has led banks, firms, governments and societies to the very edge of disaster, indeed with the potential for a “double dip” recession, the crisis is far from over. At the same time there have been a series of significant financial sanctions applied against banks and regulated firms for breaches related to serious financial crimes. It is universally acknowledged and accepted that many things went wrong, but this document is not about blame, rather it is an examination of historical compliance and risk management. Having assessed the history we can apply the lessons learned to the compliance and risk management processes of today and tomorrow.
The fields of compliance, risk management, financial crime, sanctions and corruption have evolved at an ever increasing rate, concurrently, the demands upon and expectations of the risk and regulatory compliance functions have diversified and increased. This paper, which is focussed upon the management and application of client data and external data, is one in a series that will consider the present moment as an opportunity to redefine the compliance risk landscape, to meet the challenges head-on and in doing so drive effectiveness and efficiencies within amalgamated and integrated compliance risk management programs.
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