Strategies for Compliance Tools, Techniques and Challenges in Financial Services

Compliance is a fundamental control function within regulated industries globally. This book provides an expert introduction to corporate compliance using cases, examples and insights from the financial services sector and beyond. The author, an experienced compliance practitioner and academic, highlights compliance challenges, using examples such as Wells Fargo, whistleblowing in the financial services and the mis-selling of payment protection insurance in the UK banking sector. The book explores strategies for creating compliant cultures and fostering regulatory trust, whilst practical guidance is provided on anticipating regulatory changes. Addressing organisational obstruction and delay, the author presents a series of valuable tools and techniques for real-world practice. An essential professional development resource for board directors, compliance officers and other senior managers, the book also provides a unique learning and development resource for students of corporate compliance globally.

1. Introduction 2. A New Approach to Compliance and the Lessons from Wells Fargo 3. Compliance and ‘Whistleblowing’ and Corporate Psychology 4. Compliance and Regulators 5. Finding the Right People and the Key Functions of the Compliance Organisation 6. The Operational Tools of Compliance 7. ‘Culture’ within a Business: Structural and psychological issues and the role of compliance 8. Training Corporate Organisations to be Compliant 9. Lessons for Compliance Officers from Regulatory Enforcement: The UK experience 10. Lessons for Compliance Officers from Regulatory Enforcement Actions and Guidance: The US experience 11. Conclusion Appendix: List of Abbreviations Bibliography

Alan Brener is a Teaching Fellow at University College London and Queen Mary University of London, UK. A qualified Chartered Accountant and member of the Institute of Chartered Accountants in England and Wales, Alan is also a Fellow of the Chartered Banker Institute, a professional body for bankers, and a member of its education and training Quality and Standards Committee. Alan has worked at a senior level in UK commercial banking for many years; most recently at Santander UK where he was responsible, at different times, for the compliance and retail legal departments and regulatory policy. Before joining Santander in 2005, from 1996, he headed the compliance departments for the retail banking divisions of Natwest and RBS banks. From 1989 to 1996 Alan was a senior prudential and conduct of business regulator for the insurance and collective investments sectors, having previously worked on aspects of public policy at the Department of Trade and Industry. Most recently, prior to starting his PhD, Alan was on secondment from Santander helping to set up the Banking Standards Board with the objective of improving standards of conduct and professionalism within the banking industry.