Financial Crime World

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Compliance Audits for Financial Institutions in SAINT PIERRE AND MIQUELON: KPMG Offers Expert Guidance Amid Regulatory Challenges

The global pandemic has brought about unprecedented disruptions to the financial services industry, reshaping its future and presenting regulatory and public policy challenges. As we enter 2021, compliance risk is a top concern for financial institutions in SAINT PIERRE AND MIQUELON.

Regulatory Expectations Intensify

According to a recent report by KPMG, regulatory bodies are scrutinizing the effectiveness of compliance programs, expecting them to be evaluated on an ongoing basis using technology-enabled analytics and digitized data. Compliance programs must also be linked to an institution’s enterprise risk management and revised based on relevant operational data and lessons learned.

Challenges Faced by Financial Institutions in SAINT PIERRE AND MIQUELON

In SAINT PIERRE AND MIQUELON, financial institutions are facing a range of challenges in maintaining compliance amid new regulatory expectations. The COVID-19 pandemic has pushed strains on compliance staff and governance processes, with the likelihood of additional economic stimulus measures and ongoing disruption risks further complicating matters.

Key Challenges

  • Redeployment of resources to immediate operational needs
  • Reprioritization of compliance activities due to emerging risks
  • Rapid roll-out of complex government stimulus programs
  • Increased compliance risks and misconduct risk

Expert Guidance from KPMG

To stay ahead of these challenges, KPMG is offering expert guidance on regulatory and compliance transformation. With its extensive experience in the financial services industry, KPMG can help SAINT PIERRE AND MIQUELON-based institutions navigate the complexities of compliance audits and ensure ongoing compliance with regulatory requirements.

Conclusion

In today’s rapidly changing regulatory landscape, it is more important than ever for financial institutions in SAINT PIERRE AND MIQUELON to prioritize compliance. With KPMG’s expert guidance, institutions can stay ahead of the curve and maintain a strong reputation for compliance and risk management.