The Competitive Advantage of a Strong Governance Structure
Keep you credit union on top of the challenges of a complex and changing regulatory environment.
By James Pan|September 28, 2018 at 09:00 AM
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Financial institutions face tough compliance demands in a highly regulated and ever-changing environment. They must meet requirements from multiple regulators and show increasing transparency while staying focused on growth and profitability.
The challenge is not only a matter of meeting complex government mandates; compliance breaches have an adverse impact on customer or member loyalty, brand equity, new business and the bottom line. Despite major investments of 25% to 33% of their capital budget to establish and maintain strict compliance standards, financial institutions continue to face alarming incidents of internal and external fraud. A 2016 Point B study of compliance breaches of financial services companies shows that stock prices fell by 6.5% to 9.5% in the month after misconduct was made public, with an average collective cost to shareholders of $1.9 billion per scandal-struck company.
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