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Marios Skandalis: The Upcoming Decade of Compliance Revolution

Marios Skandalis: The Upcoming Decade of Compliance Revolution

Marios Skandalis, Director of the Compliance Department of the Bank of Cyprus, speaking before the 6th International Compliance Forum, stated that compliance has played an important role in recent years in the global transformation of regulated entities.

 

“Today, compliance is by definition the most complex profession not only in terms of the quantity and complication of the various regulatory frameworks that need to effectively be addressed, but of the complexity of competencies, attributes and virtues the modern compliance officer needs to possess,” he said.

 

He also stressed that a successful compliance function needs to effectively address a number of challenges that lie ahead. “Unless modern compliance officers engage in a corporate revolution in their work environments, there is no guarantee of a sustainably robust compliance function.”

 

Ensuring a holistic digitization of operations, setting privacy as a key prerequisite of trust and ensuring sustainability were some of the key points he touched upon on what will drive the nature, direction and intensity of the compliance profession in the years to come.

 

In his closing statements, Skandalis noted that compliance has evolved into a strategic function for all corporations and that this will be more evident in the near future.

 

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