Best practices to ensure your firm’s compliance resiliency

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.