This belief has to find roots at the top and steadily percolate to all levels in a bank. Going forward, the compliance function in banks will need to play a greater and more proactive role in business operations as well as risk management. Let me remind that the cost of non-compliance has been steadily rising as seen from the instances I recounted earlier.
Conclusion In conclusion, while a lot of work remains to be done, it is nonetheless very encouraging to note that key steps have been taken by regulators and financial institutions alike to tighten behavioural standards in the industry.