Newsletter Jun 2005: Big gaps seen in firms’compliance risk strategies

LONDON – Although financial firms have made a great deal of progress over recent years in developing a compliance function, there is not much evidence of coherent, sustainable strategies aimed at achieving compliant business practices and processes in the longer term. This is a key conclusion of an international study undertaken by PricewaterhouseCoopers, the professional services group, published at the end of May.* When addressing regulatory requirements, the study says, compliance functions are often designed to “essentially paste over the perceived gaps in an organisation’s existing control framework.”