Compliance Organisation Health Check

The compliance organisation is increasingly turning out to be a cost driver and test for private banks. It is true that the compliance organisation plays an immensely important role because it functions as the so-called "second line of defence" and is supposed to protect banks from operational risks. In recent years, however, this line of defence has revealed deep cracks in many banks. As a repair measure, many banks have tried to close the cracks in the compliance organisation with additional resources. What has sometimes been neglected, however, is to subject the compliance organisation to a thorough health check and to address the problem areas with thoughtful and separate measures.

This article describes the current challenges of compliance organisations and shows how your compliance organisation can benefit from a health check.