See the whole among the pieces.
—Cameron Butland and David Jackman, Twenty-First Century Charter (21CC; June 2, 2009)
Compliance is undergoing a revolution in underlying principles, practices, role, expectations, and value. But many involved in governance, risk, and compliance (GRC) do not recognise the importance of the changes underway or understand how best to react and lead. This book aims to explain the significance of the phase we are now entering in financial services and provides a guide for compliance practitioners to navigate the transition in a way that is applicable to any sector or jurisdiction.
Compliance is growing rapidly across the world as regulatory requirements become more complex and international. The compliance function is now growing faster than many other roles but in many cases remains operational and mechanical; relative to its level of responsibility and potential impact, compliance is low status and poorly integrated into mainstream business activities. It is often considered an expensive add-on, marginalised, seen as a barrier to successful business, bedeviled by silo mentality and simplistic approaches.
This has to change. Compliance must show itself to be high-value, pivotal, and strategic. To achieve this there needs to be a fundamental shift in:
Yet the primary reason ...