Compliance and Regulatory Consulting
Local and global compliance expertise for the financial services industry.Compliance and Regulatory Consulting
Monique Melis, Managing Director and Global Head of Regulatory Consulting at Duff & Phelps, was quoted in the Wall Street Journal. A copy of the article is available on the Wall Street Journal website for subscribers.
“The threat of personal sanctions is ensuring compliance functions put their duties before other considerations. Where managers fail to support them, they themselves may face penalties. We have seen SMR start to change the way compliance departments budget. They are not just counting compliance costs, but the costs of hiring a replacement compliance officer or interim staff, for regulatory penalties and remediation in cases of failure, and for their own personal liability if things go wrong. In short, this regime may have been a game-change after all. Almost a decade after the financial crisis, cultural change in financial services is finally starting to happen,” Monique explained.
Monique's contribution to the Global Regulatory Outlook 2017, highlights this trend - individual accountability is becoming a reality, globally, and managers must support the compliance function or they may face penalties.