The Compliance function at an inflection point

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<title>Compliance function at an inflection point</title>
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<namePart>Bevan, Oliver</namePart>
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<abstract displayLabel="Summary">McKinsey's benchmarking survey of leading banks helped identify five steps toward transforming the efficiency and effectiveness of the compliance function.
The 2008 financial crisis brought compliance into sharp focus. At financial institutions worldwide, failures related to compliance led to fines and losses topping $300 billion in the ensuing years -damage approaching the proportions of crisis- induced credit losses. Compliance woes have not gone away since: recent McKinsey research indicates that most senior managers feel more comfortable with their credit-risk management than with their control of compliance risk. The reason for the discomfort is the inchoate state of compliance standards. Best practices for compliance risk are still emerging, few agree on the most effective organizational approach, and business ownership of compliance risk is weak</abstract>
<note type="statement of responsibility">Oliver Bevan... [et al.]</note>
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