Managing risk in a virtual environment. Exiger surveyed nine UK and US banks and financial institutions this Spring to not only understand the current challenges faced by the banks during the COVID-19 pandemic and associated lockdowns, but also how they are ensuring that they are still complying with their regulatory requirements.
Globally, Regulators are providing a series of regular communications and guidance updates around regulatory compliance and these are informing banks' decisions around process and control changes to maintain client service levels. Refreshingly, FCC teams appear fully involved in these discussions.
Our survey includes frontline feedback and benchmarking on topics including:
- Challenges of running a financial crime compliance programme in the current environment
- Financial crimes in COVID-19: New typologies & focus areas, actions being taken in response and how to measure effectiveness
- Timeline interruptions and policy exceptions
- Budget impact and reprioritization
- Conversations with Regulators
- Compliance processes in a virtual environment and business continuity
- Technology adoption and increased automation of burdensome FCC and TPRM processes