The Regulatory Violations Intelligence Index offers aggregate volumes and penalty amounts intended to help compliance officers.
Wolters Kluwer has launched an index of regulatory violations issued to financial services institutions in the U.S. that will provide compliance officers with aggregate volumes and penalty amounts that will help them develop compliance risk management efforts.
The new Regulatory Violations Intelligence Index covers regulatory actions from 2018 through 2024 and is presented in half-year increments, officials say. The key violation categories are competition-related offenses, consumer protection-related offenses, and financial offenses across federal and state regulatory bodies.
The new index “helps expand the peripheral vision of compliance leaders by analyzing the key supervisory priorities of the most important U.S. regulatory bodies,” says Vikram Savkar, executive vice president and general manager for Wolters Kluwer Compliance Solutions, in a prepared statement.
“The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) issued the highest number of actions, focusing heavily on investor protection violations and internal financial institution supervision failures,” according to the announcement.
The new index is intended to provide financial institutions the ability “to gain access to vital data intelligence, empowering them to more effectively understand compliance risk factors and build data-informed compliance and regulatory change management programs to help enhance their overall compliance program effectiveness,” Savkar says.
Wolters Kluwer will update the Index semi-annually to “give compliance professionals a timely, holistic view of the evolving supervisory priorities of key regulators for banks, brokerage firms, and insurance providers,” according to officials.
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