Compliance Risk Management

Volkswagen Announcement Reaffirms the Importance of Culture of Compliance

Compliance Management System

Volkswagen recently suffered a major compliance scandal. The organization had been misreporting emission data for years. They were fined $25 billion for the scandal which was termed ‘’Dieselgate’’ by the media.

The whole scandal and fines were also widely covered in mainstream media, which resulted in reputational losses that will take decades to rebuild. The new leadership started by doing an in-depth audit of the organization to understand how such a breach of ethics could occur within their organization. They found that the lack of […]

Culture Remains One of the Most Important Factors in Improving Compliance and Risk Management

We have written about the importance of having the right culture before, and so have other prominent publications like Quartz. Culture is often found to be a major factor in scandals related to risk, compliance and accounting. Just look at this list from Forbes of the biggest corporate scandals in 2015 and note how often culture is mentioned as one of […]

How Small Businesses Can Mitigate the Risk of Compliance Failure

Compliance management is at the heart of any bank regardless of their size. There is a clear distinction in how compliance management is carried out in small and larger banks. Enterprises can leverage millions of dollars on their compliance efficiency whereas, smaller banks remained constrained with their budget and resources.

Why assuring effective compliance is […]

Compliance Automation – Manual Compliance Management Is Holding Banking Back

The world of business always moves towards efficiency, because that is what customers desire the most. No one likes to wait but waiting has long been a necessary step for many business transactions. Most businesses have re-engineered their work processes to increase the speed of service delivery. There are examples of these efficiencies being […]

Why Managing Compliance Manually is a Sisyphean Task

We are all aware of the tragedy of Sisyphus, cursed to roll a boulder uphill, only for the boulder to roll back down the moment he neared the top of the hill, resulting in him repeating the process ad nauseam. Banks and financial institutions face a similar situation when it comes to managing compliance […]

The Difference Made by a Proactive Compliance Risk Management Approach

Every business knows that it has to manage its compliance risks, but not every business is able to achieve the level of compliance they want. The problem is that businesses have traditionally used a reactive approach towards compliance which results in missed issues and delayed reactions. The advantages of a proactive approach are well […]