Julian Korek, Managing Director and Global Head of Compliance and Regulatory Consulting, was quoted in GT News, in an article discussing the changing role of the chief compliance officer within financial institutions.
Julian said, "A CCO today needs to have board level competencies that rival those of the chief operating officer and chief financial officer. They need to have the stature within the business to get what they need, not only to help comply with regulation but also to grow the business. Therefore, the ability to get access to the necessary resource needed to fulfil regulatory obligations is becoming more important. We’ve seen a bank’s head of compliance leave the organisation because they failed to gather the necessary budget to improve compliance controls, even as the bank faced severe regulatory penalties. With compliance costs set to more than double for financial institutions in the next five years, the way CCOs resource their compliance budgets is also changing. As such, budgeting and forecasting skills are paramount. In short, a CCO can no longer just be a master of regulatory rules, they need to also have stature in the business and sincere business acumen."
The article is available on the GT News website.