Resources for Federal Financial Institutions Examination Council (FFIEC)

SEC Outlines Obstacles to Good Compliance

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If compliance departments reduce the number of violations for their respective firms, they must be proactive to prevent violations, said to Lori Richards, director at the Office of Compliance Inspections and Examinations at the SEC.

In a speech last week at the National Society of Compliance Professionals’ National Membership Meeting in Washington, DC, Richards told the audience that there were four specific obstacles that she saw that prevented compliance firms from doing their jobs.

While it’s important to have a competent and established compliance department, a firm needs to make sure that, in addition to educating employees and updating records, it is actively working to decrease the number of violations.

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