Financial Compliance Issues
on the workshops on Regulatory Compliance for the Financial Services Industry.
The workshop consist of 3 parts.
The first part includes the introductions on EU Regulatory Compliance components
in relation to the Bank Union, the participants’ pain points and description
of 1-5 dilemmas. Later a breakout sessions (in groups) where the participants
respond to some of the compliance dilemma presented and discussed earlier
is conducted. The third session is the discussion on the findings. It works
remarkably well, and it would be appropriate to conduct similar workshops
on the workshops our findings are that the current most common risk management
and compliance issues and challenges facing the financial services industry
Breaking Down the Silo’s
- The multitude of rules and regulations, compliance burden and overreach
is always a discussion point.
- Compliance unpredictability - do not know if ‘bought or sold’. Ex.
MiFID II regulation
- EU implementation phase (no Danish Implementation Phase schedule)
- Harmonization of governance rules, as there are governance rules in
all new rules behind including MiFID, CRD4, CRR, Crisis Management
- Harmonization of risk management components and rules, as there
are additional risk management related issues rules in many different
activities behind/including MiFID, CRD4, CRR, Crisis Management
- The division of labor between the lines of defense (primarily compliance
- Compliance is value-added (our proposal) or control unit (normal approach)
- They have no comprehensive overview of the controller, risks, incidents,
- Get IT tools for case management to administer e.g. the annual compliance
- IT Tools for management and coordination of the documents and policies
- IT systems that are centrally controlled in operation for data governance
provides a better performance in the value chain)
- Structured Risk assessment to encompass an enterprise approach.
We believe that most financial institutions
could have an value in coordinating their GRC processes and streams further,
with possible division of responsibilities in order to minimize duplication
of effort and to build a strong assessment of their "best practices".
- Global reforms like The Bribery Act, Basel III, EU Baking Union, and
Dodd-Frank are transforming the global business environment and require
companies to break down the silo’s.
- Metrics traditionally reserved for the risk management have found their
way to all Governance, Risk Management, Compliance and IT-Security (GRC)
issues and processes.
Therefore, Copenhagen Compliance GRC analytics assessment will break down
the GRC silos and start working together and provide a single view of the
complex GRC issues and the corresponding marketing and customer intelligence
in a single dashboard, despite administrative and technical roadblocks
Do some of the above workshop findings ring a bell? We can conduct a workshop
that will provide you with a 'how to':
- Break down the silo’s and develop compliance standards by coordinating
your GRC processes and streams
- Review the segregation and grouping the current GRC responsibilities
in order to minimize duplication of efforts, provide an assessment, opinion
and recommendations of your current "best practices" to international
- Transform your business environment to achieve overall GRC quantification
measures and metrics .
Please contact us or send a mail
for a 'free' workshop
Please contact us or send a mail
If one of your key objectives is to evaluate improve and strengthen your GRC
or IT-Security organization. In our international database we have experienced
international management and business GRC officers