Control frameworks need top-down approach
Regulatory reforms are switching industry focus firmly onto compliance and control frameworks. But unless a top-down approach is taken to implementing these structures, firms could end up with a proliferation of knee-jerk controls that hinder more than they help
Compliance departments are once again calling the shots in financial institutions, as more stringent regulations are being implemented by regulators in countries affected by the global financial crisis. The 2,000-page Dodd-Frank Act is driving a renewed emphasis at US financial institutions on the importance of compliance and the need for a strong control framework.
The post-crisis regulatory
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