The year of 2014 was a transformative one for risk and regulations in the banking sector. In the past 12 months alone, the industry has faced increased pressure, scrutiny and fines from regulators, along with emerging risks that challenge nearly every facet of governance, risk management and compliance programs. Then there are the harsh realities of cybercrime and losses in shareholder value, and banks' increasing awareness of the need to cultivate and foster risk-aware corporate cultures.
As the industry looks to dust off past missteps and pivot in a more positive and productive direction, the following lessons from 2014 will no doubt shape the way banks adjust, expand and in some cases reimagine risk management programs in 2015.
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