Effective reporting can support improved decision-making by directors and executives

Ross Marrazzo

Journal of Financial Compliance, 2018, vol. 2, issue 1, 13-21

Abstract: The pressure is on the compliance team to deliver the right information in the right way to support decision-makers. Maintaining a robust governance structure is a cornerstone of effective oversight, setting the stage for proper compliance with regulatory requirements and expectations. Priorities are not always in perfect alignment, however. Committees must focus vertically on their missions, but must also communicate horizontally across the organisation. To ensure data quality, risk models must be rigorously governed and validated, but must also be refreshed or even discarded if circumstances dictate. Supervisory requirements must be adhered to and also expected to change. Interactive risk dashboards have become the state of the art in compliance and risk management reporting, and they must be designed with the needs of the bank in mind. Compliance professionals can thrive by monitoring and understanding regulatory change, keeping communications channels open with examiners, and managing the compliance department through metrics. Helping senior management and boards to navigate the various options available to them will provide for a more compliance intelligent senior management and board. This paper discusses how right-sizing management and board reporting is important to an effective governance structure. Strengthening board reporting is not an isolated exercise; it must be part of a broader drive to foster and support compliance-savvy leadership.

Keywords: compliance; risk management; supervision; governance; directors; reporting (search for similar items in EconPapers)
JEL-codes: E5 G2 K2 (search for similar items in EconPapers)
Date: 2018
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