“Business school professors need to ‘get real’ more often. Publishing work “…read only by a limited number of scholars…[with] often…little to no value to practicing mangers and leaders” won’t maintain our status and pay (J. Byrne in Poets & Quants, 2014). The Journal of Risk Management in Financial Institutions is an antidote we need.”
Using Compliance Risk Assessment Programmes
Abstract: A Compliance Risk Assessment (CRA) programme can be a meaningful and genuinely beneficial risk identification and management tool. Paul V. May Chief Compliance Officer at ABN AMRO Securities (USA) and Stephanie Nicolas partner in WilmerHale LLC outline key elements and practical considerations for conducting a CRA. By better identifying compliance risks and managing the drivers of these risks and behaviour, a CRA not only helps firms to reduce the occurrence of conduct events, but also enhances the way that firms do business.
Keywords: compliance risk assessment, conduct risk, risk assessment, inherent risk, residual risk