LONDON/NEWYORK (Thomson Reuters Regulatory Intelligence) – Despite punitive regulatory fines levied against banks over the last decade, which are estimated to exceed $320bn, conduct-driven scandals continue to plague the industry. Regulators are under pressure to address persistent and seemingly systemic failures of conduct risk management even as banks struggle to contend with increased regulatory burdens, reporting requirements, capital charges to underwrite operational risk, and mushrooming governance, risk and compliance (GRC) costs. These overheads are now said to make up some 20 percent{here} of day-to-day operational cost base at most financial services firms.
A worker arrives at his office in the Canary Wharf business district in London February 26, 2014.
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