Compliance risk is something every financial institution deals with. With regulations constantly changing, waiting until a new rule drops and then scrambling to react isn’t the best way to go. A strong compliance program requires proactive compliance risk management. Not only will it protect your institution from nasty surprises, but it can actually make you stronger and more adaptable in the long run.
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Why Being Proactive Makes All the Difference

A definition of compliance risk is the possibility of running into legal, financial or reputational trouble because you didn’t meet regulatory requirements. It’s there for every financial institution – big or small. But too often, we get stuck putting out compliance fires as they pop up. And you know how that goes – it’s exhausting and usually leads to rushed, band-aid fixes that don’t solve the underlying issues.