For example, findings from SEC examinations of broker-dealers, investment advisers, and mutual fund distributors are analyzed together with findings from targeted joint reviews of bank holding companies and banks conducted by the Federal Reserve and the primary bank regulators. This is the way the functional regulators should and will work in the environment of diversified financial institutions.
Conclusion Controlling compliance risk may be easier said than done. Certainly, establishment of an effective enterprise-wide compliance-risk management function and program is not done overnight. Nor is it done without costs--both monetary costs and the intangible costs inherent in real cultural change.