Fed's Bies focuses guns on enterprise-wide compliance

Financial firms can only truly mitigate legal, reputation and regulatory risk by implementing enterprise-wide compliance programmes, said Federal Reserve Governor Susan Schmidt Bies in a pair of February speeches in New York City and a third speech in Memphis, Tennessee.

Bies, who frequently speaks on the subject of corporate governance for the Federal Reserve, said that "comprehensive and robust management of legal and reputational risks is becoming more essential," and that there is a "need for financial services firms to develop enterprise-wide compliance programmes for legal and reputational risk management." She also repeatedly mentioned the enterprise-wide risk management framework that the Committee of Sponsoring Organisations of the Treadway

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