Legal and compliance risk roles evolving
NEW YORK – The role of legal and compliance personnel in financial institutions is evolving to address larger operational and reputational risk concerns in integrated organisations, says Robert Tortoriello, a banking law partner at New York law firm Cleary Gottlieb.
Tortoriello, who advises banks on regulatory and compliance issues, said the focus of legal and compliance functions is shifting from a compliance model focused primarily on adherence to existing laws and regulations to one that targets a more complete involvement in enterprise-wide risk management creation of firm-wide compliance values.
In his presentation to the Securities Industry Association (SIA) compliance and legal annual seminar on Securities activities of banks in the GLB era: anti
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