Time for a compliance czar in financial services

Let's face it: When it comes to banks and financial services, people are pretty much resigned to a whole new set of regulations, which will be that much more complicated for firms that accepted TARP funds. Diamond Management & Technology Consultants have issued a report calling for banks to create a Regulated Market Office, "a nimble, cross-disciplinary SWAT team that can help banks address new issues beyond their traditional compliance efforts."

So it's come to this, banks need a SWAT team for compliance! Jokes aside, it makes a lot of sense to tie all regulatory regimes to a common office in a way that "utilizes lessons learned from the corporate response to the Sarbanes-Oxley Act earlier in the decade." Which basically means the office ought to find a way to handle all this with a minimum of waste and frustration--assuming that is possible.

For more:
- here's the article from Finextra

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