Firms face a much increased regulatory burden with a growing emphasis on consumer protection that chief compliance officers must match. Regulatory attention in areas such as money laundering and tax evasion is forcing improvements in transaction surveillance. And firms must also standardise their approach to defining risk culture in the aftermath of episodes such as the Libor-fixing scandal.
Meanwhile, firms must also be mindful of the cost of controls. Efficient management of compliance frameworks and the optimisation or consolidation of controls will differentiate some firms over the coming years.
Questions covered in this interview include:
- What are the biggest regulatory burdens facing the industry?
- What areas of operational risk should firms be focusing on now?
- What risks will be critical over the next 12 months?
- Is operational risk valued enough by the industry?
- How will cyber risk evolve over the coming months?