- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Neil Hodge2021-07-19T16:22:00
A steady decrease in enforcement activity makes it easy to question whether the U.K. Financial Conduct Authority is in position to become the “more innovative, assertive, and adaptive regulator” it pledges to be.
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Challenger banks must improve how they assess financial crime risk following a review by the U.K. Financial Conduct Authority that found some fail to carry out even basic customer checks.
The U.K.’s financial regulator has been forced to extend a registration deadline for cryptocurrency firms by nearly nine months because so few have been able to meet even basic anti-money laundering requirements.
The collapse of Greensill Capital has led to investigations into how the company got into the financial mess it did and why alarm bells didn’t ring. But one investigation is noticeably conspicuous by its absence—why the company wasn’t properly regulated in the first place.
Top-of-mind issues addressed at Compliance Week’s Third-Party Risk Management & Oversight Summit, held June 3-4 in Atlanta, included safe deployment of artificial intelligence, assessing vendor viability and sustainability, understanding the role of procurement in risk ranking, the intersection (or lack thereof) between data privacy and cybersecurity, and many others.
Anne Morriss, co-author of “Move Fast and Fix Things,” advises compliance officers to tap into curiosity, communicativeness, and comfort with discomfort to build organizational trust, fast.
Regulators and government agencies often speak to the value of empowered corporate compliance programs to advancing their mission. Why not practice what they preach by empowering compliance among their own ranks?
