Fed demands compliance ERM
WASHINGTON, DC – A governor of the Federal Reserve challenged financial services firms to create enterprise-wide compliance risk management systems to cope with the increasing regulatory and business challenges that they are facing.
"Controlling compliance risk may be easier said than done," said Mark Olson, a Fed governor, to the Financial Services Roundtable and the Morin Center for Banking and Financial Services in mid-May. "Certainly, establishment of an effective enterprise-wide compliance risk management function and programme is not done overnight. Nor is it done without costs – both monetary costs and the intangible costs inherent in real cultural change. However," he continued, "it is clear that all organisations
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