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Mastering the Art and Science of Governance, Risk, and Compliance, Part 1

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21 July 2014
Cubillas Ding

Analytics, Usability, Socialization, and Conduct

Abstract

Celent urges financial firms to work towards strong analytical underpinnings that can shape the softer elements of socialization, trust, culture, and conduct.

Global US and European institutions are especially suffering from a backlash, with legal settlements paid to US and UK regulators for misconduct rocketing in recent years. These fines have been substantial; in some cases, in orders of magnitude larger than anything that has been dealt out in the past. Emerging regulatory frameworks depart from the legalistic, compliance-driven approach of the past and place an emphasis on culture and conduct risk management.

In the report Mastering the Art and Science of Governance, Risk, and Compliance, Part 1, Celent examines the operational capabilities and technologies required to respond effectively to emerging governance requirements and new standards.

“Even if institutions have the capacity to absorb penalties, they still have to contend with the notion of whether institutional investors will continue to have the appetite and patience to accept persistent hits to bottom line performance, and the degree this cycle of pervasive ‘falling and fining’ can be sustained,” says Cubillas Ding, Research Director with Celent’s Securities & Investments Group and author of the report. “Our viewpoint is that it cannot. Even though you can afford to pay the fines, does not mean that you need to. Over time, firms will need to re-create and reinforce a cycle of virtue and conduct based on one key pillar of having the appropriate analytical posture and capabilities.”

In a series of reports, Celent highlights perspectives on best practices and technologies for financial firms pursuing initiatives to achieve effective governance, operational risk, and compliance.

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