Combining non-financial risk (NFR) functions can help organizations improve the effectiveness of risk management. Senior risk and compliance professionals highlight the challenges organizations face in combining NFR and what they are doing to make it work. Crucially, we look at talent, concluding that firms must take responsibility for creating a structure that develops the NFR leaders of tomorrow.
‘’The optimal structure would combine compliance, financial crime and operational risk under a head of NFR who would report to the chief risk officer – albeit, making this change would depend on timing and existing regulatory pressure.”
Chief Compliance Officer of a UK-headquartered bank.