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Good controls are good business

Jay Lippman | August 29, 2017

Earlier this summer, the U.S. Treasury Department published a 147-page report, “A Financial System That Creates Economic Opportunities,” which outlines a rollback of several of the regulatory measures put in place in the wake of the financial crisis. Against this backdrop of financial markets deregulation, many financial institutions have been taking a hard look at their compliance department costs and asking the question: do we really need all of this?

While there is an inherent logic to the move, there are also some significant risks involved with compliance department cost reductions. Yes, with the threat of enforcement decreased, it can make sense on paper to cut back on some of the estimated $1 billion per year that many top-tier banks and financial firms spend on compliance-... To get the full story, subscribe now.