In an article published by The Asset, Hugh Jones, Accuity’s President and CEO, asserts that there are two major risks which keep senior executives of financial institutions awake at night: the threat of a criminal hack and the discovery of a serious breach of law or industry regulations at their firm.
While the former could be devastating for the reputation of a company, for which safeguarding of client information is crucial, the latter could more directly impact the firm’s bottom line through regulatory fines. Both would likely impact the company’s stock price and the investors’ confidence in its management.
The article goes on to discuss the ways in which firms are ‘beefing up’ their AML safeguards, the ever-evolving regulatory landscape and mitigating the growing costs. To read more, take a look at ‘Firms beefing up AML safeguards’ in The Asset.