FRA’s Jenna Voss has been quoted by Banking Risk & Regulation, shedding light on the role of independent compliance monitors. Focusing on the recent appointment of Carrie Cohen as monitor for the US Federal Deposit Insurance Corporation (FDIC), the article offers insight on how independent monitors help companies achieve compliance overhaul.
Drawing from years of experience leading forensic teams in high-profile monitorships, Jenna spoke about how the company’s progress is monitored, including “robust testing and evaluation to determine whether the organisation’s corrective actions are effectively implemented… The organisation must also be able to demonstrate to the monitor that it will be able to sustain the changes it makes in the long term”.
“By providing accountability throughout the change process, monitors increase the likelihood that remedial measures are effective and will continue to endure beyond the term of the monitorship”, said Jenna, who was a key partner in the FRA team that completed the monitorship of German engineering firm IAV GmbH under the leadership of Co-founding Partner Frances McLeod.
Subscribers of Banking Risk & Regulation can read the original article here.
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