MyComplianceOffice Blog

Compliance is expensive. But non-compliance can cost you even more. Businesses paid nearly $26 billion in compliance-related fines globally in 2017, aside from the severe reputational damages that accompanied those monetary losses. That’s according to a recent article in Forbes by Julie Myers Woods, CEO of Guidepost Solutions.

UK Finance, Britain’s trade association for banks in the country, has published the financial industry’s first major appraisal of the Senior Managers and Certifications Regime(SMCR). The requirements under SMCR were introduced by the Financial Conduct Authority (FCA) in 2016 as part of regulatory reforms following the 2007-09 financial crisis.