Compliance systems are key to reputational risk, says Sullivan & Cromwell's Cohen

Cohen, a well-known legal expert in bank acquisitions, regulation and securities matters, said investment in compliance systems – especially personnel – is the key to minimizing a firm’s reputational risk.

Regulators, he said, ask: “Did this violation occur despite a strong compliance function or because of the absence of a strong compliance function?” If the latter, they are likely to be more severe in their approach, he said. Cohen, speaking in Philadelphia yesterday at the sixth annual

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