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Everything, everywhere, all at once: The impossible mission of compliance officers

Author

Listed:
  • Mcmanus-Barnett, Natalie

    (Founder, Innovate Compliance, UK)

  • Goffard, Olivier

    (Head of Compliance & Ethics, Euroclear, Belgium)

Abstract

This paper explores how the increasing interconnectivity of risks and regulatory interests create new compliance challenges. The paper explains how this causes new challenges for effective compliance risk management, particularly with regard to the definition of compliance risk, which keeps on expanding, and to the growing complexity of determining compliance roles and responsibilities across the organisation. It also offers insights on how AI and technology are actively disrupting compliance operations. As a matter of illustration, the paper considers how non-financial risks such as conduct and environmental, social and governance create cross-enterprise complexities that may be shifting the compliance risk management paradigm. Finally, the conclusion gives practical advice on how the modern compliance officer can stay relevant in a changing world.

Suggested Citation

  • Mcmanus-Barnett, Natalie & Goffard, Olivier, 2024. "Everything, everywhere, all at once: The impossible mission of compliance officers," Journal of Financial Compliance, Henry Stewart Publications, vol. 7(4), pages 353-367, May.
    • Handle: RePEc:aza:jfc000:y:2024:v:7:i:4:p:353-367
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    More about this item

    Keywords

    compliance leadership; compliance forecasting; compliance target operating model; compliance and artificial intelligence; compliance and environmental; social and governance; ESG; compliance innovation;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K2 - Law and Economics - - Regulation and Business Law

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