Nationwide Advocates Long-Term Advisory Relationships when it comes to Compliance

July 24, 2012 - PRLog -- Legal IQ: Hello and welcome to this IQPC podcast presented by Legal IQ in conjunction with the forthcoming information governance and ediscovery for financial services conference. I'm your host, Helen Windsor, and today I'm delighted to be joined by one of our key speakers, Samantha Ross, head of Compliance Advice at Nationwide Building Society. Samantha, welcome to the show. How are you today?

S Ross: I'm good, thank you. How are you?

Legal IQ: I'm very well, thanks. Delighted that you could join us. Now, today I'd like to talk about a few of the key topics within this area. So firstly, in this new heightened risk management environment, what are you seeing as the most common concerns of financial services companies when it comes to compliance?

S Ross: I think the key issues of really the volume and pace of regulatory change, because the environment is changing so fast and from so many different angles and perceptions, just trying to keep up and ensure that we are compliant in all of the right areas and in all of the right ways, is a challenge. It truly is a challenge. I think the other side of this is regulators are increasingly focusing on the culture of compliance within the business, and it's important that you get not just the tone from the top, but living and breathing it from within.

Legal IQ: Yes, that's a very good point, Sam. What are some of the unique compliances challenges of the financial services industry versus other industries?

S Ross: I think the biggest one at the moment is perception. The financial services industry has probably, for the last 20 or so years, gone through a challenging time. It's proven how important it is in the middle of the regulatory crisis when we've seen organisations we deemed as so systemically important, they're too big to fail, but what we haven’t considered in here, for example, is the legacy of issues that have happened leading up to where we are now, and the perception that has been created by those issues. So, for example, the various mis-selling scandals such as pensions and endowments, the collapse of Barings, CCCE [?], and all these things led to the current regulatory structure and we're about to move through that regulatory structure into a new model, and also coming back to the challenge point, it always comes back to the volume and pace of the regulation. There is so much regulation going on that trying to keep up is the challenge in and of itself, and I think you look at other

Download the full interview here: http://www.ediscoveryfinance.com/Event.aspx?id=757586&utm... &utm_medium=HWOnline&utm_source=Linked In&MAC=HW_IGJ_21103.001_LI