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FINRA Exams Will Focus on Culture of Compliance

Joe Mont | January 7, 2016

The Financial Industry Regulatory Authority is joining the chorus of regulators urging a “culture of compliance” at the financial firms it supervises.

FINRA’s recently released 2016 Regulatory and Examination Priorities letter highlights a variety of issues, including supervision, risk management and controls, liquidity, conflicts of interest, and ethics, stressing the role each of plays in the way a firm conducts its business. A notable inclusion this year is a focus on firm culture and the self-regulatory organization will formalize its assessments, not to “dictate firm culture, but rather to understand how it affects compliance and risk management practices at firms.”

“In our assessments, FINRA will focus on the frameworks that firms use to develop, communicate and evaluate conformance with their culture,” the letter says, making the case that a firm’s...

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