Compliance
- 01:11
A review of the different elements which need to be considered by compliance
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Glossary
Internal Audit Internal Rules RegulationTranscript
Let's think about what compliance do. So compliance is not revenue-generating, or forward-looking, or appraising of positions, et cetera. Risk is all of those things, at least sometimes, but compliance is all about dotting the Is and crossing the Ts. They translate regulatory rules into internal rules. They're often siloed for very good reasons, so they cut off from other departments and work more in isolation. However, that doesn't mean that they won't force themselves on other departments. There's an argument that compliance has peaked and we're now reducing size, that banks that went over the top since 2008 are now reducing. The result is that lots of people who had a great time in compliance from 2008 and had expectations of large salary increases forever are now leaving the industry. Having said that, there are still lots of opportunities for graduates in junior entry roles. However, if you think about the medium term, these opportunities may well dry up as lots of controls are now already in place and are moving towards more IT monitoring. So it's now about working with IT to ensure that the controls are functioning properly rather than originating new controls and changing the structure of the control framework.