- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-06-07T19:54:00
A new report by KPMG on key regulatory challenges for the second half of 2023 warned financial institutions to prepare for increased scrutiny, while all companies should expect more questions on how they oversee their cybersecurity and data management programs.
The report, released Wednesday, said all financial services regulators will likely increase their supervisory intensity over the next six months. The report advised financial institutions to expect regulators will increase their demands as they review a firm’s “risk management and controls, data quality and processes, and management/board accountability.”
Amy Matsuo, principal and national leader, compliance transformation and regulatory insights at KPMG, said firms should “expect regulators to increase supervisory intensity around scope, exam findings, and resolution times for financial services entities of all sizes and levels of complexity.”
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Register for free
Access one free, non-premium article each month.
Complimentary CPE webcasts, resources, and e-Books.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Banks should still be on guard despite relative calm in the industry compared to where things were three months ago following the collapse of Silicon Valley Bank, the Office of the Comptroller of the Currency warned.
Leaders at Silicon Valley Bank, Signature Bank, and the regulators who seized their banks testified before Congress across separate hearings.
A new KPMG survey of chief compliance officers at Fortune 500 companies found nearly three out of every four expect to enhance their compliance functions in response to pressure from regulators and their own boards.
Compliance failures in the supply chain are hampering organizations’ efforts to implement environmental, social, and governance initiatives and meet disclosure requirements, according to a new report by U.K. law firm Burges Salmon.
Examiners with the Securities and Exchange Commission found investment advisory firms have generally done well creating processes to comply with the agency’s amended marketing rule but some have fallen short in ensuring compliance.
Sen. Tom Cotton (R-Ark.) is calling on the Biden administration to investigate and ban Chinese e-commerce company Temu over forced labor and data privacy violation concerns.
