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The state of compliance in banking… does not look or sound great!!!!


The efinancialcareers recent salary and bonus survey highlighted worrying albeit not surprising quotes from the compliance community - Here are some quotes.

  • "Compliance teams are underwater and under-resourced," .
  • "They [compliance] wear a lot of risk, and only a few people at the top are compensated appropriately for that."
  • "The business can and does override us"
  • “When it comes to difficult, complex and ultimately lucrative opportunities, there's a sense that what we say doesn't really matter."
  • "A lot of people working on my electronic surveillance project have been cut," "I'm struggling to get the work done without them,
  • “What banks say and what banks do about compliance seem to be two different things “
  • “Lip service is paid to the importance of compliance internally”.
  • “Insiders say teams are often under-resourced and underwater”.
  • "We're asked to keep the wheels turning instead of engaging in work that would actually make a tangible different to risk identification or would increase our efficiency,"
  • "When banks say they will build-up compliance, what they really mean is that they will spend more on automation and AI,"

Amidst all this, compliance professionals are expected to confront salespeople and traders when they detect wrongdoing. This can be difficult when you're paid far less than the people you're challenging. It can also be challenging when the business doesn't have an appetite for perceived negative opinions.

Senior managers and people with FCA responsibility (in the UK) appreciate the importance of compliance because their own skins are on the line; middle managers do not. Whoever you interact with in the business, though, another compliance professional says it's necessary to be attuned to the "mood music:" there's only so much push-back and bad news that people can bear.

Read more here:-!dXRtX2NhbXBhaWduPXNoYXJlYWhvbGljJnV0bV9tZWRpdW09bGlua2VkaW4mdXRtX3NvdXJjZT1zb2NpYWxuZXR3b3Jr/62C308872C4F8D3993555824986851F1F7CBDC78DF206532BBE413145A14A87E?c=1&i=1&docs=1


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