10 Reasons Compliance Programs are Failing

Attorney Andrew Hayward and award-winning writer Tony Osborn have authored a new book, “The Business Guide to Effective Compliance and Ethics: Why Compliance isn't Working - and How to Fix it.” In the book, the pair make note of increasing regulation and enforcement actions; growing ethical demands from business stakeholders as well as the public; and more stringent compliance policies and procedures within organizations.  

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Regulators Disappointed with Conduct and Culture Review

The Reserve Bank of New Zealand (RBNZ) and Financial Markets Authority (FMA) recently released their findings on life insurers’ responses to the joint Conduct and Culture Review. The regulators were disappointed by the information provided.  Both the RBNZ and FMA say the insurers have much work to do in order to address weak governance practices and ineffective conduct risk management.  

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Regulators Globally are Turning to Automated Compliance

Prominent regulators around the globe agree data-driven regulation and compliance is key to a healthy financial services industry. The Financial Conduct Authority (FSA), the Australian Securities and Investment Commission (ASIC), the Monetary Authority of Singapore (MAS), and the BVI’s Financial Services Commission are all championing, and in many cases, investing in new data technologies. 

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Best practices for high-performing compliance programs

It’s a tricky thing to understand what a high-performing compliance program actually looks like. Aside from activities and checklists and even anonymous tips, a high-performing compliance program must include the human element. Do we, as a company, believe we’re always doing the right thing? Because in the end, that is what compliance is all about.

We’ve been fortunate to work with and have at MCO some of the most respected leaders in the compliance space. And from them, we’ve crafted a few best practices for high-performing compliance programs that everyone can easily put into place.

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FCA Details Feedback on Final SMCR Consult

The Financial Conduct Authority (FCA) announced it has received just 29 responses to a call for feedback on its final consultation regarding planned Senior Managers and Certification Regime (SMCR) changes. The FCA said "most" responses were supportive of its proposals, but some firms asked for additional clarity on how the new rules would apply to them. 

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