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Drilling Down Into Risks Faced by Financial Institutions
A recent survey conducted by Wolters Kluwer of 800 governance, risk and compliance professionals across Asia-Pacific highlights a number of challenges for large financial services organizations and a surprising lack of preparedness in some countries and risk areas. The report states that “multi-billion-dollar fines levied on global banks for compliance breaches and control failures have made headlines the world over ever since the onset of the financial crisis. Some of these contraventions were egregious, others were merely careless. Collectively, many of these fines could have been prevented if the three lines of defense were coordinating their risk, compliance and internal audit processes at a holistic, enterprise level.”
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