Compliance Efforts: Failures, Fixes, Future for Financial Institutions

This report provides a comprehensive analysis of compliance efforts, focusing on failures, proposed fixes, and future strategies within financial institutions. The study begins with an introduction outlining the rationale, context, aim, and objectives of the research, along with relevant research questions and the proposed methodology. It emphasizes the importance of compliance management in combating fraud and money laundering. The report delves into the significance of compliance management, pros and cons of compliance functions, different types of compliance risks, and the impact of compliance on combating financial crimes. It also identifies ways to improve compliance culture, analyze necessary policies and procedures, and assess methods to reduce risks from terrorist organizations. The research methodology includes a quantitative approach using questionnaires for data collection, with considerations for limitations and delimitations. The structure of the study is presented, covering introduction, literature review, research methodology, data analysis, discussion, conclusion, and recommendations. The report aims to provide valuable insights into the critical aspects of compliance management and its future in the financial sector. The report also covers the significance of compliance management to an organisation, pros and cons of a compliance function, different types of compliance risks and non-compliance risks, the impact of compliance function on combating fraud and money laundering in financial institutions, ways by which compliance function culture can be improved to better combat fraud and money laundering, different policies and procedures required to implement the commitment in the organization, and the methods of reducing the risk of penetration of financial institutions by terrorist organizations.