Advanced, Integrated Surveillance Can Help Banks’ Reputations and Profits
ByRegulatory compliance is expensive, but the cost of compliance-related failure is much, much higher. In 2012 and 2013, banks paid more than $3.7 billion in fines for attempts to fix the London Interbank Offered Rates (LIBOR), and individual banks have paid multi-million – and multi-billion – dollar fines related to offenses ranging from insider trading to benchmark rates fixing to rogue trading.
In most cases, proper surveillance and early notification of improper and/or illegal activities could have prevented the activities from taking place, or could have limited the scope and amount of damage inflicted. Effective surveillance capabilities help banks avoid severe regulatory and reputational damage. These capabilities can prevent capital that may be earmarked for growth and expansion of core businesses from being diverted to cover legal costs, fines and operational and reputational repairs…
Advanced, Integrated Surveillance Can Help Banks’ Reputations and Profits
