Live Webcast Co-Hosted with Pillsbury Winthrop Shaw Pittman LLP
Following the 2013 Cyprus financial crisis, the Cypriot banking industry launched a comprehensive reform program with the goal of bringing the Cyprus compliance regime and the stability of the banking sector up to the highest of global standards. Progress has been judged positively by Moneyval, rating agencies, and US correspondent banks, which have increased their presence in Cyprus, a unique accomplishment in the era of de-risking. The keys to this success have been the development of unique compliance programs, their dynamic implementation in a front-line jurisdiction, and the creation of a culture of compliance.
This program will study the case of Cyprus’ banking and compliance reforms to better understand how to build long lasting, sustainable, and locked-in improvements.
Culture of compliance: What does that really mean? What happens after everyone has read the manuals and how to build in accountability.
Testing: How do you make sure you are testing the sustainability of compliance programs? If not working in the real world, how do you pivot to true impact?
Awareness and Training: How do you ensure that all parts of complex organizations from top to bottom understand not just their legal obligation, but their duty to protect the interests of the company and law enforcement.
Partner, Global Legislative and Regulatory Risk Leader Guidehouse