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Evolving regulation and the role of compliance since the 2008 financial crisis
Journal of Financial Compliance,
4
(1),
83-94
(2020)
Abstract
This paper examines the root causes of the 2008 global financial crisis, key regulatory changes in response to the crisis, and the evolving role of the chief compliance officer as a result. Key regulatory changes examined include: the Dodd–Frank Wall Street Reform and Consumer Protection Act, US Basel III and recent guidance around cyber risk management and virtual currencies. In addition, the paper explores the changing role of both the chief compliance officer and compliance programmes. Prior to the 2008 financial crisis, compliance was often seen as a support function and after-thought in decision-making. The compliance pressures and expectations this past decade have, however, caused many organisations to place a greater emphasis and higher demands on their compliance teams.
Keywords: financial crisis; regulatory reform; role of compliance; compliance review
The full article is available to subscribers to the journal.
Author's Biography
Kami Niebank is the Deputy Chief Compliance Officer for the California Public Employees Retirement System (CalPERS), providing leadership and direction to investment, pension and health compliance activities. Previously, she served as the Interim Chief Compliance Officer, where she built the 5-year Compliance Plan, re-organised the compliance programme and launched the transformation of compliance for CalPERS. Prior to this role, she served as CalPERS Chief of Investment Policy and Business Operations during the height of the 2008 global financial crisis. She led the implementation of a comprehensive multiyear investment strategic plan to strengthen governance, internal controls, cost effectiveness and talent management. Over Kami’s 30-year career, she has led many organisational transformation efforts and is well versed in strategic and operational business management practices and principles. In 2016, Compliance Week named Kami as one of the Top Minds, representing thought leaders in ethics and compliance.
Justin Walker serves as the Assistant Division Chief for CalPERS Office of Enterprise Compliance, providing leadership in the formulation, development and implementation of CalPERS enterprise compliance programme. CalPERS Office of Enterprise Compliance is dedicated to achieving the highest level of ethical standards across business lines and individual responsibilities within the organisation. Additionally, Justin works with CalPERS programme areas to identify and mitigate compliance risks and implement best practices, while conducting a wide range of oversight activities designed to detect and address potential conflicts of interest. Previously, Justin served as the Programme Manager for CalPERS Supplemental Income Plans, overseeing CalPERS three defined contribution plans: the State Peace Officers’ and Firefighters’ Supplemental Plan (POFF), the CalPERS Supplemental Income 457 Plan, and the Supplemental Contribution Plan (SCP), totalling over US$1.7bn assets under management (AUM) and 61,500 participants.
