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Real-life revolution: How compliance functions are leveraging innovation to become more aligned, efficient and tech-enabled
Journal of Financial Compliance,
5
(2),
154-161
(2021)
Abstract
Financial institutions are among countless organisations in industries worldwide that are pursuing digital transformation initiatives for the betterment of their business and competitive advantage. Within the financial services industry, second line functions are among the many activities leadership are assessing to achieve greater efficiency and overall effectiveness amid heightened competition in an industry that continues to squeeze costs. Now, more than ever, compliance professionals must be ready to protect their firms. As regulatory scrutiny and compliance requirements increase in both scope and scale, the need for future-oriented, well-aligned, efficient and technology-enabled compliance management systems becomes paramount. Outlined in this article are key areas of focus that are critical to building and implementing an innovative, technologyenabled compliance programme effectively, beginning with the overarching strategy and approach.
Keywords: Compliance innovation; enabling technology; critical success factors; culture and conduct; infrastructure and investment
The full article is available to subscribers to the journal.
Author's Biography
Shelley Metz-Galloway is the US Regulatory Compliance Leader for Protiviti and has more than 25 years of experience in the financial services industry. Metz-Galloway offers expertise in business and regulatory compliance and risk analytics, strategic planning, project management, process reengineering and the development and execution of strategies to address critical business needs. She has served as the regulatory compliance and fair lending practice lead of a nationally recognised consulting firm, the technology development lead of a TILA RESPA Integrated Disclosure Rule software application and vice president/enterprise lead for HMDA, CRA and GSE relations of a top 10 financial institution. Metz-Galloway holds a B.A. in political science from Edinboro University of Pennsylvania and an MBA in finance from the University of Michigan.
Lucy Pearman is the global leader for Protiviti’s TRANSFORM Risk and Compliance practice and focuses on innovating the field of risk management. She has more than 20 years of experience leading complex change initiatives across a variety of organisations to optimise their business performance through operational effectiveness, enhanced governance, process automation and emerging technologies. Prior to joining Protiviti, Pearman was a managing director at Deutsche Bank, where she held several leadership positions, including head of regulatory transformation for the Americas and controls officer for the Commercial and Investment Bank. Before that, Pearman held changeleadership roles at HSBC, Barclays and RBS (Coutts Wealth Management). She holds a BA in modern languages with international business from South Bank University.
