Best practices to ensure your firm’s compliance resiliency

Compliance steps

What is compliance resiliency, and why is it crucial for your organization to have it? Recent enforcement examples demonstrate why mapping out a clear business continuity plan can help thwart a risky management reshuffle.

Compliance resiliency is the process of thoughtfully ensuring a firm’s compliance function is not compromised or weakened by the absence of a key employee. That employee might be the only full-time compliance officer in the company, or their compliance responsibilities might be siloed in such a way that no one else knows exactly what they’re doing and how they’re doing it.

A small Puerto Rican bank and a New York-based investment adviser were recently subject to enforcement actions due in part to their failure to understand and plan for the unexpected departure of a key compliance officer.

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