Regulatory agencies have aggressively stepped up their enforcement actions and levied huge fines. Having a comprehensive compliance program in place is becoming more critical than ever. Financial institutions can take five steps this year to confront those challenges.
At a glance
- Banks can stay aware of important rule changes and navigate them diligently.
- They should know their customers—and emphasize customer due diligence.
- They can establish a culture of responsibility, beginning with the management team.
- They can also conduct a broad assessment of their potential risk exposure, including their exposure through business affiliates.
- Finally, they should launch a strong IT compliance system that’s well-integrated into day-to-day business.
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