- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2022-06-21T12:31:00
Melanie Gallagher, head of third-party risk management at financial software company Intuit, offered best practices for navigating sanctions compliance risks at CW’s TPRM Summit in Chicago.
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Deputy Secretary of the Treasury Wally Adeyemo said the agency is primed to step up its enforcement efforts regarding sanctions and export controls announced against Russia in the year since the country invaded Ukraine.
The Financial Crimes Enforcement Network published an analysis of financial trends involving Russian oligarchs and how U.S. financial institutions have aided in the identification of more than $30 billion worth of sanctioned Russians’ assets.
Compliance functionality is vital to the future of financial services firms, but many are “struggling to meet their commitments while maintaining an appropriate risk and compliance culture,” according to the “Cost of Compliance Report 2022” by Thomson Reuters.
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
Compliance departments at financial institutions must become more involved in ensuring their firm’s operational resiliency to address emerging risks, the Treasury Department’s Office of the Comptroller of the Currency said in its semi-annual risk perspective.
Compliance has been “sleeping on” artificial intelligence, two panelists discussed at Compliance Week’s Women in Compliance Summit. The profession should be positioned to lead on AI governance at the business level.
