Proactive Compliance Officers: Avoiding the Mistakes of the Past

Fonetic Team
Wednesday, 07 June 2017 / Published in Compliance

Choose your preferred analogy - whether it’s fighting fires, or shutting the stable door after the horse has bolted, Compliance functions are becoming increasingly effective at reacting to and remedying known issues.

But what about the effectiveness of Compliance in identifying new risks, questioning longstanding assumptions and ‘accepted practices’, and driving improvements in the management of known risks?

Have the underlying lessons of recent conduct scandals such as LIBOR, FX, and PPI been learned, and are Compliance functions becoming more proactive and better placed to prevent conduct issues on the same scale from reoccurring?

As the Compliance curve continues to steepen, both for the business and for Compliance officers, what are some of the key factors impacting the ability of the Compliance function to sustain a sufficiently proactive approach?