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Evolving regulation and the role of compliance since the 2008 financial crisis

Author

Listed:
  • Niebank, Kami

    (Deputy Chief Compliance Officer, CalPERS, USA)

  • Walker, Justin

    (Assistant Division Chief, CalPERS, USA)

Abstract

This paper examines the root causes of the 2008 global financial crisis, key regulatory changes in response to the crisis, and the evolving role of the chief compliance officer as a result. Key regulatory changes examined include: the Dodd–Frank Wall Street Reform and Consumer Protection Act, US Basel III and recent guidance around cyber risk management and virtual currencies. In addition, the paper explores the changing role of both the chief compliance officer and compliance programmes. Prior to the 2008 financial crisis, compliance was often seen as a support function and after-thought in decision-making. The compliance pressures and expectations this past decade have, however, caused many organisations to place a greater emphasis and higher demands on their compliance teams.

Suggested Citation

  • Niebank, Kami & Walker, Justin, 2020. "Evolving regulation and the role of compliance since the 2008 financial crisis," Journal of Financial Compliance, Henry Stewart Publications, vol. 4(1), pages 83-94, September.
    • Handle: RePEc:aza:jfc000:y:2020:v:4:i:1:p:83-94
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    More about this item

    Keywords

    financial crisis; regulatory reform; role of compliance; compliance review;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K2 - Law and Economics - - Regulation and Business Law

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