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By Adam Turteltaub
adam.turteltaub@corporatecompliance.org
Walk around most corporate compliance conferences and you’ll see people from virtually every industry, save one: financial services. Banks and the entire securities industry are largely absent, and yet, they have very extensive compliance programs.
Don Griffith, who is Head of Financial Crimes & Fraud Prevention Compliance for MassMutual, has unique insight into this issue. He has worked in private practice, corporate compliance, financial services compliance and at the Securities & Exchange Commission.
As he explains in this podcast, the two compliance worlds have a very different perspective. While corporate compliance tends to begin with a very broad view, starting from the approach outlined in the US Federal Sentencing Guidelines, financial services compliance programs were built to meet the need to comply with very specific regulations and securities law.
While these approaches are very different, there is much that each side can learn from the other, Don believes. The financial services practice of digging down into business products and processes, for example, can be very instructive for corporate compliance efforts. Likewise, the focus on ethics and the big picture issues in corporate compliance programs can provide lessons for financial services.
Listen in to learn more about how both financial service compliance professionals and corporate compliance professionals could benefit from each other’s expertise.
Extremely informative and educative article I am very excited to learn for the first time about the existence and the differences between these two very important sectors of the compliance profession and will be hoping to learn more in the future. .A personal observation I have made is that most banks and financial institutions don’t feel comfortable discussing issues pertaining to compliance and Ethics I guess they find it too burdensome , but on the contrary I think their services . operations, products and administrative procedures will be very much effective ,improved and enhanced if they fully embrace and adopt all the necessary and relevant compliance rules and regulations pertaining to their industry.. I also think financial services compliance procedures and rules should smoothen their dealings with their clients and even make it much easier to access banking products and services contrary to popular perception .. .
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