This Global Study is the result of a survey of 349 professionals, two roundtable discussions with chief compliance officers from major financial institutions and interviews with 11 executives from regulatory bodies and industry trade associations.
The study found that, while most financial institutions and their senior managers have made clear inroads toward improving AFC compliance in recent years, significant steps are still needed to reduce the sector’s exposure.
The most needed improvement is a greater investment in AFC technology. AFC culture could be improved with more training, additional staff and resourcing, a stronger effort to ensure that middle management embraced the compliance mandates of senior managers. Further investments are needed, but so is greater consistency when it comes to the global application of AFC policies and procedures.
The study separately outlines the need to strengthen the core components of a strong AFC culture under four categories: (1) strategy and risk appetite, (2) tone from the top, (3) accountability and incentives, and (4) training and communication.