Compliance Insights

Top-of-Mind Compliance Issues for Financial Institutions in 2024

Change on the horizon: In the ever-expanding landscape of financial services regulation, there are signs that the standard for compliance is shifting from a technical evaluation to an outcomes-based evaluation.

The big picture: Uncertainty and the disruption it brings have become the norm, as has Compliance’s role in many other areas of risk management. Compliance departments need to self-evaluate and optimise their operations continually to manage current and expected challenges.

Why it matters: Financial institutions need to have a clear view of immediate and emerging risks and ensure they have processes and controls in place to manage them aggressively. Among these risks:

  • AI
  • Sanctions
  • Operational resilience
  • ESG

We group the top 15 compliance priorities for 2024 into two broad categories: External and Internal.   

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Dive into Top Risks Insights: Webinar Series Awaits

Gain insights on market disruption and long-term impacts

As we enter the new year, we want to ensure you're fully equipped to make informed decisions that drive your organisation's success. Our survey insights offer a wealth of information to inform your company's strategies – from economic and geopolitical factors to talent and cybersecurity, and beyond.

Recent Publications & Insights

Risky Women Podcast | Complexity of the Compliance Landscape

Risky Women Podcast | Complexity of the Compliance Landscape

In this episode of Protiviti's Risky Women Podcast Series, Jenny Wong, Managing Director at Protiviti, speaks with Debra Au, Managing Director, Head of Legal, Compliance and Secretariat, Hong Kong and China at DBS Bank Hong Kong.

Watch the video podcast as Jenny and Debra discuss regulatory compliance challenges faced by APAC financial institutions, adopting compliance to technology advancements and sharing Debra's source of inspiration.

Watch the Video Podcast
Risky Women Podcast | Complexity of the Compliance Landscape
The Regulators Are Optimizing Their Use of Data. Are You?

The Regulators are Optimising the Use of Data. Are You?

SupTech, or supervisory technology, has gained prominence in the regulatory world in recent years, with 71% of regulators globally implementing SupTech initiatives. This technology aims to enhance the efficiency and effectiveness of the supervisory process, moving from outdated manual methods towards data-driven approaches. This shift both strengthens supervision and also reduces costs and enhances customer protection.

Read the latest Compliance Insights newsletter, which includes guidance for compliance officers and features an article on how regulators optimise their use of data to develop data-driven insights. 

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Risky Women Podcast | Strategic Risk

Risky Women Podcast | Strategic Risk

In this episode of Protiviti's Risky Women Podcast Series, Kim Dickerson, EVP, Global Operations and Technology, speaks with Star McDade, Senior Vice President at USAA. They discuss confronting stereotypes by demonstrating the positive influence of risk and assurance professionals, overcoming the challenges in the transformation of auditing strategies, and reflecting on the impact of diversity on their careers. This conversation also highlights the importance of talent development in a multigenerational environment and the need to demonstrate adaptability across diverse business landscapes.

Listen to the Podcast
Risky Women Podcast | Strategic Risk
Board Perspectives

Freedom to Fail: Risk Appetite for Innovation

Why it matters: In today’s digital world, it’s easy to recognise the power of technology in driving continuous improvement in processes, products and services as well as creating a disruptive force to reinvent business models. But technological underpinnings are not always needed for innovation to be transformative in strengthening brands and leapfrogging competitors.

Fail fast to learn quickly: A higher innovation risk appetite can increase speed, provided there is a strong focus on failing fast and learning quickly. This reduces project risk by minimising the time and resources invested in unsuccessful initiatives. 

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Principles for Data Recovery From a Severe Cyber Scenario

The whitepaper aims to foster increased communication among financial institutions, trade associations, and regulatory authorities. It presents a set of principles that could foster cooperation and coordination between these entities in enhancing resilience. The primary objective is to shed light on the challenges of meeting regulatory requirements, especially in cases of data corruption during extreme cyber events. It underscores the delicate balance between meeting regulatory mandates and ensuring the security of firm and customer information.

Read the new whitepaper which includes guidance for financial institutions, regulatory authorities, and trade associations to strike a balance between complying with regulations, ensuring data security, and enabling a rapid but safe recovery to prevent harm to investors, customers, and the broader financial stability.

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