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

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August 2013

Overview

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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Dan Jackett

Partner, US Banking & Capital Markets Advisory Practice

Dietmar Serbee

Navigating Risk & Regulatory Compliance Leader

Jeff Lavine

Financial Crimes Unit Chief Operating Officer

Kenneth Peyer

Managing Director, FS Risk and Regulatory

Rich Reynolds

Controls Testing & Monitoring Leader - Financial Services

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