Compliance officers should look beyond third parties

The risks facing firms are usually at other levels of the business relationship, say financial industry experts

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Read the signs: compliance officers may need to start looking at firms many levels removed from their own

Many of the compliance programmes put in place are lacking substance, and compliance officers will increasingly need to mitigate counterparty risks far removed from the ones their firms deal with daily, said financial risk experts at a recent industry event held under Chatham House rules.

"A lot of the time, risk-management programmes are set up, but they are not efficient. They are either looking at very specific things or throwing the kitchen sink at every third party... Cyber-security attacks

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