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Transforming compliance through the pandemic and beyond

New compliance risks are emerging rapidly, both in terms of the potential damage to customers and markets, but also in terms of the channels used by regulated firms and the monitoring and investigation tools needed by compliance departments.

In our new article, New World Compliance, we argue that now is the time for compliance functions to take a step forward to embrace the range of new risks they must manage, adopt a more holistic approach to risk assessment and mitigation, and adopt new technologies to 'do more with less'.

Last month the Financial Conduct Authority sent an unusually strongly-worded letter to the heads of UK lenders after receiving “credible reports” that some were abusing their lending relationships with struggling clients to strong-arm them into buying other services, while negotiating new or existing debt facilities. Banks’ compliance teams are combing through phone and computer records of transactions because no face-to-face meetings have taken place during the UK’s two-month Covid-19 lockdown, the people said.

Tags

digital, financial services, compliance, risk
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