Too many financial institutions fall short of first-class compliance and leave themselves vulnerable to reputational damage with their customers, the regulators and other stakeholders, according to this study by PriceWaterhouseCoopers and the Economist Intelligence Unit.
Of the 160 executives interviewed for the study, than a fifth considered awareness of compliance-related risks to be high across all parts of the business and fewer than a quarter were very confident with regulatory requirements and internal codes and policies.
Fifty-three percent of survey respondents saw reputational risk as the single biggest risk financial institutions face, but having a properly resourced compliance function to mitigate reputational risk only came fourth in the pecking order.
As part of the study PricewaterhouseCoopers identifies key attributes that mark out an institution in the vanguard on compliance risk management.
Download the document now 762Kb PDF