Getting controls under control

Jamila Piracci and Christopher Beckmann
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Jamila Piracci: Senior Advisor, Patomak Global Partners, USA
Christopher Beckmann: Senior Analyst, Patomak Global Partners, USA

Journal of Financial Compliance, 2023, vol. 6, issue 3, 240-247

Abstract: Organisational decision making related to compliance programmes often centres around the costs of compliance. Instead, compliance leaders within organisations should reframe the discussion around value. This paper discusses mechanisms to measure and capture the value of compliance through a tailored set of controls. It seeks to define compliance controls, discuss the consequences of ineffective controls, and describe examples of effective controls related to staffing, testing and technology, which can guide compliance leaders in updating their compliance programmes. Further, the paper proposes the development of a return-on-investment metric for compliance controls and considers how this may materialise in practice.

Keywords: controls; processes; ROI; swap dealers; reputation; effectiveness (search for similar items in EconPapers)
JEL-codes: E5 G2 K2 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jfc000:y:2023:v:6:i:3:p:240-247

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