Evolving regulation and the role of compliance since the 2008 financial crisis

Kami Niebank and Justin Walker
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Kami Niebank: Deputy Chief Compliance Officer, CalPERS, USA
Justin Walker: Assistant Division Chief, CalPERS, USA

Journal of Financial Compliance, 2020, vol. 4, issue 1, 83-94

Abstract: This paper examines the root causes of the 2008 global financial crisis, key regulatory changes in response to the crisis, and the evolving role of the chief compliance officer as a result. Key regulatory changes examined include: the Dodd–Frank Wall Street Reform and Consumer Protection Act, US Basel III and recent guidance around cyber risk management and virtual currencies. In addition, the paper explores the changing role of both the chief compliance officer and compliance programmes. Prior to the 2008 financial crisis, compliance was often seen as a support function and after-thought in decision-making. The compliance pressures and expectations this past decade have, however, caused many organisations to place a greater emphasis and higher demands on their compliance teams.

Keywords: financial crisis; regulatory reform; role of compliance; compliance review (search for similar items in EconPapers)
JEL-codes: E5 G2 K2 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jfc000:y:2020:v:4:i:1:p:83-94

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