The Association for Financial Markets in Europe (AFME) and EY has today published “The Scope and Evolution of Compliance”. The report considers the role of the compliance function within wholesale investment banks and the potential challenges and changes it faces in its structure and approach.
It outlines the key considerations for banks’ compliance functions as they seek to adjust and enhance their roles in response to the changing nature of the business and regulatory expectations.
To address these challenges, the report offers possible responses and discusses the optimum resource model for compliance:
There will continue to be significant debate about what the optimum resource model for compliance functions should be, given the challenges as well as the opportunities they face. We hope this report can make a useful contribution to those ongoing discussions.