30 years: Capital markets & investment banking
In this video, Peter outlines the 10 principles for the compliance function that were set up for banks by the Basel Committee in 2005. After outlining and analyzing these principles, Peter discusses how and why banks failed to follow them closely enough in the lead up to the Global Financial Crisis - and paid a hefty price for it.
In this video, Peter outlines the 10 principles for the compliance function that were set up for banks by the Basel Committee in 2005. After outlining and analyzing these principles, Peter discusses how and why banks failed to follow them closely enough in the lead up to the Global Financial Crisis - and paid a hefty price for it.
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7 mins 3 secs
The Compliance Function works to ensure that banks operate with integrity and within rules and regulations and is key to success.
Key learning objectives:
Define a Compliance
Outline the main principles for good compliance
Outline the failure of compliance in the Global Financial Crisis
Understand how compliance has changed
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In banking, Compliance means complying with regulations, laws, guidelines, and standards -- whether internal or external.
In the run up to the GFC, Boards of Directors and Senior Management were not focused enough on compliance, did not fully understand the risks, and did not set the right culture. Compliance teams were under-resourced. Banks paid out over $600 billion in fines and suffered huge reputational damage.
Banks have responded by “super-sizing” compliance, over 50% more on Compliance with staff numbers greatly increased. “Regtech” has become a whole new industry, where technology is used to identify risks and help ensure compliance.
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