Enterprise Compliance Risk Management: An Essential Toolkit for Banks and Financial Services is truly a practitioner's handbook peppered with appropriate templates, tools, scorecards, and framework to manage compliance in a structured way. The hallmark of the book is how Ms. Saloni Ramakrishna connects with her readers through her characteristic flowing and easy to comprehend narration of a layered, multifaceted, and nuanced subject like compliance. Her deep understanding of the risks as well as the opportunities for financial services institutions to better manage those risks for the benefit of customers, employees, and shareholders is well encapsulated in the central theme of the book – active compliance management.”
– Peter Hill, Investment Banker and one of Risk.net's “Top 50 Faces of Operational Risk”
Through the book Enterprise Compliance Risk Management: An Essential Toolkit for Banks and Financial Services, Ms. Saloni Ramakrishna brings to bear her extensive hands-on experience as a practitioner in detailing how technology needs to be weaved intrinsically into a compliance program for it to be successful. Her emphasis on the role and relevance of a well thought out, appropriately designed technology framework as the bedrock of creating and perpetuating an active compliance is spot on.
– Stuart Houston, Global Solution Director – Analytics, Oracle Financial Services Global Business Unit
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The first known compliance breach and regulation violation is that of Adam eating the forbidden apple. Since then, multiple compliance breaches have occurred, with challenging to catastrophic outcomes. Banks and financial services are more vulnerable to the effect of breaches and their consequences, given that they deal in the financial well-being of individuals and the economy. It is slowly dawning on the stakeholders of the industry that proactive management of compliance and the associated risks will be a business multiplier.
Compliance risk management, as a distinct subject, in banks and financial services is young and evolving. Complying with authority, in a narrow sense, has been in place for ages now, but the many dimensions and nuances added due to the exponential increase in the complexity of the financial world have greatly expanded its scope and have brought it to center stage. The creation and elevation of the role of chief compliance officer – the journey from a dusty table in a corner of the office to a place at the C level executives table in the boardroom – speaks volumes about this transition. However, the systemic integration of compliance into the business and strategic fabric of the organization is yet to happen.
