SIFMA: Evolving Role of Compliance Whitepaper

The financial industry has changed dramatically since SIFMA (The Securities Industry and Financial Markets Association) published its last paper in 2005. The financial crisis, globalization, the use of new technologies, and new, complex and expanded regulatory requirements have significantly altered securities firms and the operations of their Compliance functions.  This change has led to an enhanced role for Compliance, but it has also created the risk of blurring the line between Compliance and business supervision.

“The Evolving Role of Compliance” offers recommendations to assist senior management, regulators and compliance personnel in defining the appropriate role of Compliance in an increasingly complex and variable environment. The paper addresses the changing role of the Compliance function in securities firms and explores the challenges that firms and their Compliance professionals currently face on a daily basis.

“A robust Compliance function is a vital component of every broker-dealer’s control and risk management frameworks, and contributes to trust and confidence in our industry,” said Ira Hammerman, senior managing director and general counsel at SIFMA. “Compliance will be most effective when it is well-resourced, independent, and its role is clearly defined according to the realities of today’s securities industry.”

ProcessUnity Compliance Solutions