The mandate of financial institutions is to process financial transactions for individuals and businesses, but unfortunately, these institutions are sometimes used for illicit purposes, such as money laundering and terrorist financing. Effective, accurate risk assessment is the foundation of a financial firm’s risk management and regulatory compliance, and there are a number of manual and automated methods available to assess risks. Detecting and acting against suspicious activities is a must for banks today.
The United States has reached a critical point in determining data privacy standards. With mounting concern among all stakeholders, it is no longer a question of whether more privacy laws will be enacted, but how—and specifically, whether the problem will be resolved at the state or national level.
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?