Compliance Management Anyone?

Every now and then, a regulatory agency comes out with an enforcement action that should bolster your budget. The most recent case is the Federal Reserve Board's written agreement with Fifth Third Bancorp of Cincinnati. The enforcement action requires Fifth Third to take actions to strengthen its risk management functions and corporate governance policies and procedures. The enforcement action reaches broadly across most of the bank functions. But the pivotal message in the enforcement action is that the bank lacked systems for managing risk. Keep this agreement in your budget request file.

Copyright © 2003 Compliance Action. Originally appeared in Compliance Action, Vol. 8, No. 5, 6/03