Defining and Building Effective Compliance Programs - Giving compliance a seat at the table – why compliance should be a part of business strategy

In this five-part podcast series, sponsored by K2 Intelligence FIN, we consider defining and building effective compliance programs. I am joined in this series by Michelle Goodsir, a Managing Director at K2 Intelligence, and Gail Fuller, Financial Integrity Network (FIN) Vice President. Michelle has 25 years of financial crime compliance experience which includes fraud risk management, anti-bribery and corruption, corporate security and investigations, sanctions, and Anti-Money Laundering (AML) program experience working within the financial services industry and the US government. Gail focuses on developing, refining, and implementing FIN’s quantitative and qualitative risk rating tools. She leads engagements focused on helping FIN’s jurisdictional and private sector clients understand their exposure to financial crime risk and develop and implement strategies to mitigate their risks. 

Over this series we will consider key challenges in compliance, why compliance needs a seat at the table, how to do compliance on a budget; training and culture and what is on the horizon. In Part 2, Michelle and I discuss why compliance needs to be an integral part of your business strategy going forward. 

• What has evolved recently in the landscape that has made the role of compliance more challenging? There has been a plethora of  guidance from different regulators to address emergency situations; managing costs; reviewing alerts in a timely manner. 
• You mention that Compliance is often seen as an overhead cost – why should entities think of it differently? There are a variety of costs around the following, enforcement action costs vs. cost of compliance; operationalizing compliance; building compliance in from the beginning vs. retrofitting a program to maintain compliance; outsourcing compliance. 
• How can organizations make sure compliance protocols are carried out every day? Through a variety of tactics including regular training, communication, action; culture of compliance; tone from the top; compliance at business meetings.

Resources

K2 Intelligence financial crimes risk & compliance page: https://www.k2intelligence.com/en/services/our-practices/financial-crimes-risk-and-compliance 

K2 Intelligence AML page: https://www.k2intelligence.com/en/services/our-practices/financial-crimes-risk-and-compliance/anti-money-laundering-compliance

K2 Intelligence Anti-corruption page: https://www.k2intelligence.com/en/services/our-practices/financial-crimes-risk-and-compliance/anti-corruption

K2 Intelligence DOLFIN: https://www.finintegrity.com/dolfin.html