Defining and Building Effective Compliance Programs - Compliance on a budget: Solutions for entities of all sizes

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 are considering 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 3, I visit with Michelle Goodsir on the challenges around budgeting for compliance. 

Some of the highlights include. 

·      Budgets have long been stretched in compliance. How can organizations make the most of it between teams? By working across teams and skillsets; leveraging resources as a utility across functions. 

·      Are there technology solutions that can help? Yes innovation can occur at institutions of all sizes; case management; screening tools; data analytics. 

·      What if financial organizations do not have all of these capabilities internally? There are a variety of solutions you can utilize. They include working with a third party or other external firms; maintaining compliance on a budget is not insurmountable; investing now for cost efficiencies in the long term. 

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 (relevant for the training section): https://www.finintegrity.com/dolfin.html