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Everything, everywhere, all at once: The impossible mission of compliance officers
Journal of Financial Compliance,
7
(4),
353-367
(2024)
Abstract
This paper explores how the increasing interconnectivity of risks and regulatory interests create new compliance challenges. The paper explains how this causes new challenges for effective compliance risk management, particularly with regard to the definition of compliance risk, which keeps on expanding, and to the growing complexity of determining compliance roles and responsibilities across the organisation. It also offers insights on how AI and technology are actively disrupting compliance operations. As a matter of illustration, the paper considers how non-financial risks such as conduct and environmental, social and governance create cross-enterprise complexities that may be shifting the compliance risk management paradigm. Finally, the conclusion gives practical advice on how the modern compliance officer can stay relevant in a changing world.
Keywords: compliance leadership; compliance forecasting; compliance target operating model; compliance and artificial intelligence; compliance and environmental; social and governance; ESG; compliance innovation
The full article is available to subscribers to the journal.
Author's Biography
Natalie Mcmanus-Barnett is a senior compliance professional with over seventeen years' experience in international banking and financial services, including as a compliance chief of staff for a global bank. Her regulatory expertise spans numerous technical areas including sustainable finance and climate risk, trade sanctions, investment research, financial promotions, accountability and conduct, investor protection, conflicts of interest, client assets and compliance infrastructure, including emerging risk management and risk assessment frameworks. Natalie is a fellow of the Association of Chartered Certified Accountants, with specialist qualifications in sustainability accounting, and a member of the ICAEW's Business Law Committee. Natalie holds degrees in politics, philosophy and economics, accounting and law and is founder of the compliance thought leadership institute Innovate Compliance.
Olivier Goffard is Head of Compliance and Ethics for Euroclear Group and Chief Compliance Officer for Euroclear Holding. Olivier manages a team of professionals providing a wide range of compliance and ethics services around domains such as sanctions, anti-money laundering/counter terrorist financing, personal data protection or anti-fraud. Olivier worked as an in-house lawyer, internal auditor and internal consultant before taking over the Compliance and Ethics Department.
