In APRA’s CBA Prudential Inquiry Report the Inquiry Panel concluded that financial services providers need to look beyond black letter rules-based compliance and consider operational and conduct risk and move beyond “can we?” to “should we” engage in an activity or sell a product in the first place.

IN CBA’s case they determined there was inadequate oversight of non-financial risks and a need to be proactive in dealing with risks rather than reactive.

In my July 2017 webinar on Financial Services Compliance I discussed the evolving role of compliance officers.

This brief excerpt (2 minutes 15 seconds) discusses some of these issues.

See also compliance pain points.

The full video is available at our training website.