Compliance Officers' Personal Liability
Escalating issues and documenting gaps will not protect you from personal liability. It can harm you and your firm - unless you set conditions and boundaries in advance!
When: instantly available on demand!
This FREE training (+ downloadable Guide) for compliance and regulatory experts will give you step-by-step instructions on how to set and document boundaries and handle risks when your compliance recommendations are not fully in place.
The biggest mistake compliance officers make—exposing themselves to personal liability—is compromising on or delaying regulatory requirements without enforcing clear boundaries for missed commitments and deadlines.
Considering most projects face delays and many requirements go unmet, it's irresponsible not to have a plan for when commitments are broken, right?
When breaches occur, you don’t want to find yourself held hostage, forced to negotiate or issue threats when it’s already too late. It’s far better to establish clear consequences upfront, ensuring accountability before problems arise.
Register and download the workbook to become fully equipped and prepared for the following situations:
- Your compliance recommendations are approved and accepted but not implemented. The implementation is delayed, your requests are de-prioritized and the remediation plan is past-due.
- You are being asked to ensure compliance or resolve an issue (audit, partner request, new product launch) without adequate resources, time, tools or people.
- Significant incident, breach, financial loss or commercial dispute happens, and you are uncomfortable with how your management handles it. You are concerned about transparency, hidden information, addressing the root causes or all of the above.
You will walk away with a clear plan and a set of templates and examples of recommended operational boundaries around deadlines, number of customers, growth rates or other risk management metrics.
FULL AGENDA:
1. Understanding the difference between Compliance Responsibility vs. Personal Liability. Regulatory sources and key takeaways from US BSA, AMLD5, PSD2, and MiCA. Case studies - Wirecard, FTX, Credit Suisse, MoneyGram.
2. Setting and documenting operational boundaries. How to protect yourself and your company when handling risks or deciding appropriate level of controls under the time pressure, resources constraints, and handling uncertainties about future events.
3. Escalating issues and making decisions if established boundaries are crossed. How to assess and navigate negative events and differentiate gross negligence from unfortunate incidents.
BONUS templates included!
This new workshop is a part of our FREE training series "The Rise of the Business-Like CCO" where we teach high performing compliance leaders how to build a value-adding function and deliver results that your management appreciates, how to take pragmatic risks, demonstrate your function's value, gain authority and build trust with your stakeholders!
What is NO LONGER TRUE about success in FinTech Compliance:
- Many struggling compliance experts believe that to have better results they need more time, better tools, and more resources. It feels reasonable, but it's not true. The reality is: success in compliance does not depend on resources or team size. The biggest banks with huge budgets pay the highest penalties for compliance violations.
- Success in FinTech compliance does not come from your knowledge of laws and regulations if your management does not listen and does not read your documents. The compliance function is not an information provider, it must become a project management function. Otherwise, you may find yourself overruled by others who know much less about compliance.
- Your compliance results do not come from effort — working longer, trying harder, accumulating more knowledge, and preparing for countless risks is a broken strategy, that keeps you stuck and overwhelmed.
- Struggling compliance professionals mistakenly hope that informing senior management about all possible risks and escalating everything to the Boards will protect them from personal liability. This strategy is counter-productive. In fact, your senior management likely believes that compliance is a necessary evil, and no matter how much they invest in compliance, it is never enough. Instead of escalating risks and issuing warnings, compliance professionals must set and enforce risk-taking boundaries.
- Successful business-like CCOs and compliance leaders think very differently about risks, uncertainties, success, and decision-making. They are unafraid of mistakes, and they don't merely search for solutions – they create solutions. They do the right things at the right time and are able to figure things out. They know and deploy 3 important success factors (how to handle time, money and information) to manage their compliance function, and it makes all the difference!
This content is SO impactful and transformative, we will sell it later, so grab it for FREE now while you can!
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