A survey of compliance within regulated organisations in Jersey today
Emerging trends and challenges
The purpose of the survey was to identify the challenges, emerging trends and to assist readers in understanding the development of the role of compliance in Jersey.
The report was prepared during a time of great challenge for financial services firms as they battled to come out of the other side of the worst financial crisis in a generation. With many observers seeing the breakdown in risk management as a major contributor to the financial crisis, the role of compliance has never been more critical for regulated entities in Jersey, or indeed for the financial services industry as a whole, as it seeks to maintain its position as a leading offshore financial centre.
Compliance has raised its profile during the economic crisis, resulting in additional support from key stakeholders. An organisation’s best defence against a breakdown in controls or a breach of regulations is not policy and procedure alone. It is the culture of compliance within an organisation – a mindset on the part of every individual so that actions in support of compliance become automatic and intuitive.
In this time of significant financial turmoil, organisations must continue to ensure they manage regulatory risk as a key priority.