By Treliant - Beyond the Culture of Compliance: Transparency and Accountability

Even as bank boards of directors and senior executives have awakened to the need to incorporate regulatory compliance into their corporate cultures, there is growing recognition that more is required to mitigate compliance risk. Namely, transparency and accountability should be promoted as core cultural attributes, if compliance is to take hold at every level of the organization. Drawing upon lessons from the financial crisis, regulators have for some time emphasized the need for a culture of compliance, to prevent the inappropriate behaviors that led to multiple enforcement actions, record fines, and private litigation against banks and other financial services providers. More recently, the regulatory emphasis has been on the need to move beyond a singular focus on compliance to the integration of an effective compliance program with a company’s ethical culture. Boards of directors and senior management have heeded the call for an active and robust discussion of ethics and compliance at the highest levels. Click here to download the white paper and learn more.