Source: Fintech Global
In a recent eBook by RegTech firm Clausematch, the company deep-dived into the topic of personal liability for chief compliance officers.
As the regulatory landscape becomes increasingly convoluted, the potential liability for the Chief Compliance Officer (CCO) and other executives is also on the rise. Emerging technologies and globalisation are continually transforming the way businesses operate, making compliance an even more intricate and essential aspect of business. The ramifications of non-compliance have evolved from mere threats of hefty fines to the possibility of criminal charges.
In this environment, Clausematch outlined that the CCO stands as the pivotal force responsible for the company’s adherence to all relevant laws and regulations. They serve as the gatekeeper against regulatory missteps and potential reputational damage, their role significantly vital to any organisation. However, with this great responsibility, CCOs, along with their teams and other key executives, are increasingly being held personally accountable for shortcomings in their company’s compliance systems…
Read full article: https://fintech.global/2023/05/22/the-rising-wave-of-personal-liability-for-chief-compliance-officers/
