Don't get hit with the 'failure to prevent' allegation

The age of banker bashing may be coming to an end, but it seems like not all regulators have got the memo. Since the financial crisis, banking fines have amounted to around US$235 billion, illustrating how politicians, regulators and industry observers are continuously trying to deter wrongdoing in the future.

Whilst the peak of banker bashing may have passed, the nature of long tail liability means that fines - such as the non-US bank sub-prime fines - are currently coming to a head.

Toby Duthie, FRA co-founder and partner and Rob Mason, an FRA partner discuss how risk-based compliance testing can help prevent bankers from getting hit with the 'failure to prevent' allegation.

Read their commentary in The Lawyer.