By many, 2018 was seen as the year that the job of compliance officers grew even wider. Now, not only are risk and compliance officers expected to oversee the implementation and adoption of some large-scale regulatory changes in the U.K., the U.S. and around the world, but also to deal with cybersecurity risk assessments, geopolitical instability, emerging new product areas such as cryptocurrencies and the potential for enhanced personal liability.
With the 10-year anniversary of the global financial crisis, little wonder that the focus on financial services regulation has shown no sign of diminishing, even as more change is expected in areas of financial services compliance, updated corporate governance requirements, heightened standards for (U.S.) broker-dealers, and restricted sales of some products to certain customers.
Read the new report from Thomson Reuters Regulatory Intelligence on 10 Things Compliance Officers Need to Do in 2019 here.
As 2019 dawns, risk and compliance officers continue to navigate the shifting sands, all while seeking to ensure that their firms remain in, and can evidence, compliance with relevant regulatory rules as well as the consistent delivery of the required “good customer outcomes”.
To help in this navigation, Thomson Reuters Regulatory Intelligence (TRRI) published a new report, 10 Things Compliance Officers Need to Do in 2019, in which TRRI explores the continuing change that compliance officers all over the world are facing in today’s evolving regulatory environment.
At the supranational level, the Financial Stability Board — the global policy making body formed in the wake of the financial crisis — has highlighted the express connection between incentives and persistent misconduct, and has focused on the need for the regular collection and evaluation of consistent data to enable firms and supervisors to assess the effectiveness of compensation programs and to highlight potential areas of weakness. Not surprisingly, in 2019, both the design of incentives and the data collection and reporting to the relevant regulator are likely to fall, at least in part, to the compliance function.
As ever, compliance officers will need to be front and center to give their firms the best chance of a trouble-free 2019. There are a range of challenges which all compliance officers, no matter the size, jurisdiction or sector of their firm, will need to consider in 2019.
Plus, you can download new customized geographic reports on: