Time For Banks To Realign Legal, Risk And Compliance Teams

By Naomi Bowman (November 8, 2018, 2:29 PM EST) -- Following the collapse of Lehman Brothers and the crisis that followed, the financial industry realized that there was a fundamental flaw in the way that their legal, compliance and risk divisions had been structured. The lines distinguishing responsibilities were too nebulous for banks to manage the complexities of their own business models. Over the preceding decades, smaller financial institutions had grown to become financial powerhouses with all the frills and flaws that size entails, while the largest banks became truly global. However, when the crisis exposed the cracks in the system, the decade that followed saw a clear shift in attitude as large financial institutions came to realize that these three functions should be separate, and that, in hindsight, a siloed framework would be central in their efforts to avoid a repeat of the chaos of 2008....

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