MLRO's: Don't Forget Your Principle 11
The lockdown forced on many of us by the COVID-19 pandemic has impacted and changed the way Banks deal with their customers and how they manage their staff. Banks are now having to balance changing operational processes to fit in with new staff working practices while dealing with wholesale changes to their customers’ trading profiles.
This places greater emphasis on how MLRO’s are involved in tactical and short-term operational decisions –– ensuring that they continue to be compliant and avoid today’s actions becoming tomorrow’s problems.
MLRO’s need to ensure that these decisions are reasonable, being taken on an informed risk basis and that there is a clear plan to return to the business as usual process as soon as reasonably possible.
In This White Paper:
- Regulators are Being Flexible - But Still Expect Standards to be Maintained
- Exiger's COVID-19 Survey "Coping with Compliance During COVID-19 - The New Normal?"
- Don't Lose Sight of the Responsibilities of the MLRO in the Current Climate