compliance

We finish our examination of the Citigroup enforcement action with a look at the issue most dear to compliance officers’ hearts: compliance risk, and how Citigroup needs to improve its compliance risk management function to meet regulators’ expectations. First, the backstory. On Oct. 7 the Office of the Comptroller of the Currency levied a $400…

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citigroup

Today we return to Citigroup and its $400 million regulatory settlement from earlier this month, a case that offers a cornucopia of lessons for risk and compliance professionals. This time around, we consider what Citi’s board will need to do to rectify the bank’s poor internal governance.  First, let’s recap the case so far. The…

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ERM

Today we continue our in-depth look at the enforcement action against Citigroup, because the case truly does raise a host of interesting audit and compliance issues. Our prior post looked at Citigroup’s struggles with data governance; now let’s examine how the bank needs to revamp its enterprise risk management. The consent order from the Office…

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citigroup

Banking regulators have walloped Citigroup with a $400 million fine and a freeze on new acquisitions without regulatory approval, and given the bank a long list of improvements to make after years of ineffective risk management and poor internal control. The rebuke wasn’t unexpected, but is still tough medicine to swallow. Compliance professionals have much…

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