COMPLIANCE
THE BIG QUESTION : HOW SHOULD FSIs REPRIORITISE COMPLIANCE ?
FM : Recent events , such as those concerning Credit Suisse , have emphasised that focusing on compliance should be a high priority in finance . What objectives must a fully-developed compliance strategy include ?
HNT : Compliance has always been a high priority in finance , and even more so after the 2008 subprime crisis . Banks spend around US $ 200bn on compliance per year , and tens of thousands of compliance officers were hired since 2008 , so this focus is nothing new .
However , the biggest problem for Credit Suisse was less an issue of compliance ( as in regulatory compliance or ‘ tick the box ’ exercises ), but rather one of culture and risk management . All of this is linked , but it ’ s very easy for a bank to say , “ This has passed compliance standards and adheres to internal processes ,” while the risk is clearly still there .
“ The biggest problem for Credit Suisse was less an issue of compliance , but rather one of culture and risk management ”
HUY NGUYEN TRIEU CO-FOUNDER , CFTE
An education designed for the industry , by the industry
Calling its courses " an education designed for the industry , by the industry ," CFTE currently offers the following courses :