Let’s make a difference: Managing compliance and operational risk in the new environment

August 2013


Banks are facing expanding compliance expectations that are pushing compliance programs to the brink. The scope and nature of compliance have evolved and are no longer limited to rules-based banking regulations. Operational and compliance risks have become more complex and entwined, increasing the potential for failed processes that cause customer confusion and compliance control breakdowns. Without a new approach to compliance and operational risk management, many banks will continue to face high costs and losses in the form of escalating litigation, penalties, and staffing needs.

Given the major changes in the compliance and regulatory landscape and the resulting long-term impact on banks, incremental adjustments will simply not be enough. To start, we recommend that banks take a look at six innovative approaches to drive change:

  • Integrate relevant aspects of operational and compliance risk management
  • Simplify products and channels
  • Leverage analytics
  • Standardize compliance testing
  • Adopt lean principles
  • Manage change

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Contact us

Dan Jackett
Partner, US Banking & Capital Markets Advisory Practice
Tel: +1 (415) 498 7559

Dietmar Serbee
Principal, Financial Services
Tel: +1 (646) 471 7270

Jeff Lavine
Anti-money Laundering and Sanctions Leader
Tel: +1 (703) 918 1379

Kenneth Peyer
Managing Director, FS Risk and Regulatory
Tel: +1 (612) 596 4462

Richard Reynolds
Tel: +1 (646) 471 8559

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