Federal Reserve’s Bies advocates a 25,000 ft view
Chicago – The Federal Reserve’s Susan Schmidt Bies hammered home the importance of enterprise-wide compliance programmes in financial institutions in a mid-July speech to a conference organised jointly by the US-based Risk Management Association and Consumer Banking Association.
Bies notes that "board members of various financial services companies involved in recent scandals have made similar public comments that identified as one of the causes of their firm’s compliance breakdowns the bifurcation of compliance responsibilities within the firm. That is, no-one had the 25,000-foot view of what was happening across the organisation, leading to internal control shortcomings that were not identified and to opportunities for employees to take unfair advantage of other
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