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Financial Compliance Issues

Based 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 in London.



Based on the workshops our findings are that the current most common risk management and compliance issues and challenges facing the financial services industry are;

• 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 and audit).
• Compliance is value-added (our proposal) or control unit (normal approach)
• They have no comprehensive overview of the controller, risks, incidents, etc.
• Get IT tools for case management to administer e.g. the annual compliance plans
• 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.

Breaking Down the Silo’s 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 standards
• Transform your business environment to achieve overall GRC quantification measures and metrics .

Please contact us or send a mail for a 'free' workshop.

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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