Compliance Failures - Examples and Lessons
Duration : 60 Minutes
Jim George,
Jim George is an independent consultant to banks focusing on issues of risk and compliance, AML, and fraud. He brings over 25 years as a consultant to major banks in Associate Partner and Principal roles at PriceWaterhouse-Coopers Consulting, IBM Consulting in Bank Risk and Compliance, and Andersen Consulting (now Accenture). Read more
There is increasing discussion that, rather than punish stockholders, individual officers should be personally held accountable for their decisions causing failures to act in compliance. Already the Sarbanes-Oxley law specifically requires that companies, including banks, have accurate financial reports as well as sound controls as required to assure the material accuracy of those reports. CEOs and CFOs have to personally sign statements to that effect and can be charged personally under some circumstances.
In my
It is said that a smart person learns from their
Course Objectives:
The level of fines levied against banks resulting from failure to comply with various regulations has soared, reaching into the billions of dollars in individual instances. Every bank is responsible for compliance with a wide variety of regulations. Compliance failures are risks to both their reputation and their
Course Outline:
• Common AML compliance failures
• Extraordinary AML compliance failures (intentional at the executive level)
• Widespread SOX failures (Sarbanes-Oxley Act) primarily control breakdowns leading to reconciliation breakdowns and incorrect reporting
• A broad failure of licensing controls where the company providing insurance products in the name of several major banks did not know which products were licensed
• For each case we will look at:
- What was the cause of the compliance failure
- How was a problem identified (red-flags,
communicated internally (escalation process)
- What was done with regard to communication with regulatory authorities
- What did it take to investigate and address the failures
- What internal controls and risk mitigation steps were taken to prevent recurrence
What You Get:
• Training Materials
• Live Q&A Session with our Expert
• Participation Certificate
• Access to Signup Community (Optional)
• Reward Point
Who Will Benefit:
• Retail and Commercial Banking Leaders
• Mortgage Leaders
• Insurance Leaders
• Compliance Professionals
• Risk Managers
• Internal Control Professionals
• Auditors
• Operation Managers
• Department Heads
• Process Supervisor
Please reach us at 1-888-844-8963 for any further assistance or if you wish to register
100% MONEY BACK GUARANTEED
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