PurposeThis paper aims to analyze the role of compliance in Italian banking system and to verify its efficiency in terms of protection of stability and credibility of financial institutions, comparing solutions adopted in other European countries.Design/methodology/approachThe research uses a comparative approach by examining the different solutions adopted in other European countries for finding analogies and differences between them.FindingsThe research has discovered a smaller development of Compliance Function in Italian banks, whose compliance risk frameworks are often still in an experimental stage rather than in other systems banks.Research limitations/implicationsA uniform model in the structure of financial institutions can be adopted to enforce the effectiveness of national regulations.Practical implicationsTo ensure the independence and effectiveness of the Compliance Function, the financial institutions, especially the Italian ones, must pay great attention to the essential elements for good practices, such as a clearly defined apportionment of responsibilities and unambiguous reporting.Social implicationsThe compliance culture must successfully reinforce itself in Italian firms, and for this purpose, it is necessary to persuade senior management that compliance is not a cost that should be minimized.Originality/valueThe Italian regulatory framework concerning the Compliance Function has represented a challenge for the banking industry, which should undergo a reorganization process focused on a different way of allocating responsibilities, so different solutions to the problem can be found by national legislators who need to be coordinated at an international level.
Journal of Financial Crime – Emerald Publishing
Published: Jan 3, 2017
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