Organizations are struggling AND failing to establish adequate compliance operational risk management programs.
During the past decade, financial services providers have experienced an exponential increase in regulatory scrutiny. Beginning with the 2008 financial crisis, regulators have ratcheted up their expectations with respect to the degree to which firms must focus on compliance and risk as well as the resources that must be devoted to such endeavors. The new view is that Compliance Risk Management programs can no longer just be “adequate.” The expectation is that organizations will commit the appropriate talent and resources to risk management solutions and to establish and maintain a strong culture of compliance, ethics and risk management.
Many organizations are still relying on antiquated technology point solutions and, to a large extent, manual processes. It’s a significant challenge for management to get its arms around the appropriate strategies to address the going-forward needs of the organization. Additionally, given the tactical day-to-day burden of running a company in its normal course, it is extremely challenging to find and dedicate the appropriate resources to undertake and fully implement long-term strategic initiatives and operational risk management solutions.
Based on the inefficiencies created through the use of bifurcated and disparate technology platforms, inconsistent policies and procedures and the manual nature of many compliance activities, up to 80% of a Compliance Risk Professional’s day can be spent “hunting and gathering” for information and data. Organizations often misuse highly qualified and skilled human capital to essentially act as “aggregators.” Compliance Risk Professionals have less time to focus on project risk management tasks such as:
At Compliance Risk Concepts, we provide clients with the critical skills and expertise required to establish, maintain and enhance a balanced and effective compliance operational risk management program. We help organizations demonstrate a commitment to a strong risk management culture. Contact us for more information on how we can help your organization.