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An oversight framework to keep senior executives in control
Journal of Financial Compliance,
4
(2),
102-109
(2020)
Abstract
Given the current regulatory focus on senior management responsibility and the resultant requirement for high-quality oversight of processes and controls, this paper sets out an approach to instantiating such an oversight process in the 1st line of defence. As most financial firms are subject to huge change, the paper then goes on to show how such an oversight process might dovetail with a regulatory change process. In order to more clearly explain the approach, the paper then describes a short case study from a large US bank who successfully ran such a project in 2019. Finally, the paper will set out the benefits to be accrued from taking this path to high-quality oversight.
Keywords: oversight; 1.5 line of defence; regulatory change; knowledge graph
The full article is available to subscribers to the journal.
Author's Biography
Richard Pike has extensive experience of working with financial institutions throughout the world, assisting companies in managing enterprise risk more efficiently while addressing local regulatory guidelines and standards. Richard is currently Chairman of Citadel Securities (Ireland) Ltd and an Independent Nonexecutive Director at, FBD Insurance plc, The National Cyber Security Society, JPMorgan fund administration, JPMorgan hedge fund administration and Citadel Securities Europe. He is also the founder and chief executive officer of Governor Software. Prior to these roles, Richard has worked in various senior banking, insurance, credit and market risk roles at Permanenttsb bank, Wolters Kluwer Financial Services, ABN AMRO, Bain, COMIT Gruppe and Quay Financial Software. He has analysed, designed and managed the development of core treasury and enterprise risk management systems for large financial institutions, including UBS, Citibank, Schroders and Unicredito. In 2009, Richard was recognised as a ‘Top 50’ Face of Operational Risk by Op Risk & Compliance magazine and was a contributing author to two books on risk management. He was also a founding board member of the Governance, Risk and Compliance Technology Centre, which focuses on research in the area of financial services governance, risk and compliance. He teaches on risk management at the Institute of Banking and at the UCD Smurfit Business School. Richard has also received the designation of ‘Certified Bank Director’ from the Institute of Banking.
