Being your company’s chief compliance officer is not a job for the faint of heart. Being the intermediary between regulators and your fellow staff is guaranteed to make you unpopular at times—and the position can render you vulnerable to reputational risk. What are the core attributes needed to transcend the risks to become the most effective CCO possible, protecting your company against the potentially devastating consequences of non-compliance?
Operating within the United States can be a lucrative business for a foreign financial institution, but it also brings challenges, not the least of which is complying with US regulations and managing risk. To stay safely out of regulators’ line of fire and to ensure the business is a success, mastering four broad areas-governance, infrastructure, compliance and budget-is critical.
Many bank managers are grateful that they do not live and work in war-torn countries; but guess what, hardline terrorists are bringing the battle close to home. Within the current world climate, banks, small and large, have a responsibility to participate in the war against domestic terrorism by implementing vigorous anti-money-laundering/counter-terrorist-financing programs.