The independence of mind and independence of appearance is what gives assurance services their value and credibility. Globally, the Financial Action Task Force (“FATF”) recommendation 18 speaks to financial institutions (“FIs”) programs against money laundering including “an independent audit function to test the system”. Locally, the Financial Transactions Reporting Act, 2018, Section 19(2)(iv) requests every FI to implement procedures based on its nature and size to, at minimum secure “independent audit arrangements to review and verify compliance with the effectiveness of the measures taken within the Act”.

It was without a doubt that the cost of being compliant in what appears to be a never-ending cycle of regulatory reengineering. Over 200 billion dollars in compliance costs are expected to be paid by financial services companies around the world by end of 2021, according to LexisNexis research. The aforementioned statistic may surprise some, infuriate others and, conversely refresh many boards of directors depending on their perspectives and experiences with compliance professionals. However, what is not up for debate or based on perspective is when properly implemented, compliance and the professionals that help mitigate its risk can greatly contribute to the oversight of strategic governance within the organization.

It was without a doubt that the cost of being compliant in what appears to be a never-ending cycle of regulatory reengineering. Over 200 billion dollars in compliance costs are expected to be paid by financial services companies around the world by end of 2021, according to LexisNexis research. The aforementioned statistic may surprise some, infuriate others and, conversely refresh many boards of directors depending on their perspectives and experiences with compliance professionals. However, what is not up for debate or based on perspective is when properly implemented, compliance and the professionals that help mitigate its risk can greatly contribute to the oversight of strategic governance within the organization.

Recently, leadership dynamics have been investigated in several different ways, including financial management, human capital management, and strategic management. Additionally, business academics and practitioners debate the topic of leadership at length in connection with business success or alternatively, business failure. Whether management is considered poor or good, what must be considered is the connection between leaders and their direct reports. To appreciate this dynamic and its impact on the overall results of an organization, executive leadership must take a deep dive into its culture, governance, risk framework, and strategies among other aspects.

From the onset of the global pandemic, business communities have received shockwave after shockwave, resulting in a constantly evolving landscape. Despite the seemingly moderate progress, corporate leaders must overcome various challenges for success in 2022 before they are able to establish a new work environment.