An oversight framework to keep senior executives in control
Richard Pike has had a peer reviewed article published in the Journal of Financial Compliance
Given the current regulatory focus on senior management responsibility and the resultant requirement for high-quality oversight of processes and controls, this paper sets out an approach to instantiating such an oversight process in the 1st line of defence. As most financial firms are subject to huge change, the paper then goes on to show how such an oversight process might dovetail with a regulatory change process. In order to more clearly explain the approach, the paper then describes a short case study from a large US bank who successfully ran such a project in 2019. Finally, the paper will set out the benefits to be accrued from taking this path to high-quality oversight.