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 WealthBriefing on the one year anniversary of the Senior Managers & Certification Regime (SMR).
“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-changer after all,”, Monique highlights that firms have changed their culture. A copy of the article is available to subscribers of WealthBriefing.
As Monique outlines in the Global Regulatory Outlook 2017, individual accountability is becoming a reality, globally, and managers must support the compliance function or they may face penalties.