Citi has been under the regulatory spot light for a few years.

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Citi has been under the regulatory spot light for a few years. Recently the OCC amended a Cease and Desist order relating the Citi’s enterprise-wide risk management, compliance risk management, data governance, and internal controls transformation programs. Issuing a $75 million civil penalty.

https://lnkd.in/eQcBSX9j

What does this tell us about the state of risk, compliance and regulatory oversight? If Citi is struggling to train employees in risk, compliance and data roles governance, oversight and assurance and did not have the right tools to educate staff. Risk is a critical pillar of the 3 line of defense, under operational risk.

Operational risk is the poor brother/ sister under the 3 lines model. Credit and Market risk have been a primary focus, often seen as the main risk the third line is responsible for oversight. Now Operational Risk is a critical risk, we see cyber risk on the rise and cyber regulation as a board risk. A shortfall in experienced, knowledgeable and skilled resources will increase board legal risk. A risk that comes with personal as well as corporate civil and criminal penalties.

@Thaddeus Dziekanowski Brian D. McCarthy Rachel V. Rose, JD, MBA Faisal Khan

Veritas GRC

#cyberriskmanagement #cybersecurity #cybereducation

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