Banking and consumer compliance
Banking and consumer compliance
Service

Banking and consumer compliance

How do you respond appropriately to financial regulations while containing the costs of compliance?

More than a decade since the financial crisis of 2008 that reshaped the regulatory landscape for financial institutions, organizations continue to face new challenges each day ranging from enhanced regulatory scrutiny to the ever increasing cost of compliance. Immeasurable time and resources have been devoted to strengthening compliance programs, and in the process, the cost of compliance has continued to rise.

Today's challenges include:

 

Compliance automation

How can our organization leverage automation and the integration of a detailed and actionable data analytics process to drive consistency and efficiency in our compliance program?

Regulatory reporting

Do our organization’s regulatory reporting tools produce clear, reliable and actionable data and conclusions while meeting applicable requirements?

Conduct and culture

How can we establish a more proactive approach to compliance and risk with a defined compliance culture at the core of our organization?

Consumer protection

How can our organization become even more client centric, while implementing enhanced monitoring and testing programs for high risk areas directly affecting our consumers?

Regulatory change management

How can we maintain a robust and sustainable yet streamlined and cost-efficient process for monitoring and managing the continuous regulatory changes impacting our organization?

Third-party governance and oversight

Do our third-party agreements contain formal, clearly defined and documented policies and procedures on initial and ongoing due diligence, including coverage against potential engagement in illegal activity or other misconduct?

 

KPMG is dedicated to working with our clients to identify ways to advance the compliance journey from costly response and remediation to one of enhanced prevention and detection. With innovation, we help our clients realize these goals and drive effectiveness, efficiency, agility and sustainability in their programs. Our regulatory and compliance transformation framework to enhancing compliance includes eight key elements that aim to drive prevention, detection and response with governance and culture at the core. Compliance accountability starts with a strong compliance culture with tone at the top, and reaches across the three lines of defense.

 

KPMG’s regulatory and compliance service offerings

KPMG’s cross-industry regulatory and compliance team focuses on the regulatory enforcement environment and its related compliance operations including assessments, remediation, due diligence, transformation, process mapping and analytics. We strategically assist organizations with business and compliance transformation to achieve improved and more sustainable adherence to regulatory requirements, cost and risk mitigation across the globe:

  • Obligation mapping to requirements, risks, controls and testing
  • Priority solutions and tools
  • Issue/complaint management assessment
  • Third-party/vendor compliance audits
  • Testing, monitoring and surveillance
  • Regulatory and business change management
  • Large-scale remediation assistance and PMO
  • Sell-side and buy-side diligence assistance
  • Compliance transformation and automation
  • Compliance audits/gap assessments/maturity assessments

 

 

 

KPMG’s regulatory and compliance transformation framework reflects an integrated approach to compliance across the three lines of defense and the enterprise overall. This approach helps organizations understand and address shifting regulatory obligations and manage risk around key regulatory themes.

 

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KPMG complies with the auditor independence rules of the AICPA, SEC, PCAOB and DOL. As a result, some services described herein may not be available to our audit clients. KPMG audit clients should check with their respective lead audit partner for more information.