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Over the past 10 years, the role played by Risk and Compliance Managers in defining strategy at financial institutions has steadily taken on greater importance. This has been all the more true since the sector was hit hard by the financial crisis in 2007, resulting in increasingly strict regulatory constraints.
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The main issues facing Risk Managers and Compliance Officers include:
  • The implementation of an ERM (Enterprise Risk Management) policy encompassing all of the components of the Group in terms of the policy applied for managing risk and compliance. There is also the matter of aligning the company’s overall strategy in terms of defining the Business Model and developing potential areas of business. Today, this sector is being guided forward with a strict balance between the dual issues of profitability and risk.
  • Ensuring that the organisation, processes and systems comply with the constantly changing new requirements of the regulator.
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  • Since the banks have not yet been able to incorporate all of the organisational effects generated by the Basle 2 reforms, they are subject to the new short and medium-term liquidity ratio imperatives required by Basle 3. These measures involve increasingly tough quantitative and qualitative requirements in terms of equity capital. The new BCBS 239 regulations, which come into effect on 1st January 2016, will have a significant impact in terms of information systems, as well as the consolidation of reporting and process management.
  • The lines between the roles of the support functions of the various players are becoming increasingly blurred: guidance, data management and the implementation of transverse processes are becoming converged between the risk department, the finance department and the compliance functions. This dismantling of barriers needs to be watched closely and carefully orchestrated.
  • The various forms of fraud are defining the sector and forcing it to become more aware of training the various parties involved, as well as prompting a compliance charter supported by the board and implementing the policy on change management to accompany the various projects.
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