This article was written by David Curran, global director of Risk and Compliance at Thomson Reuters, and was featured in this month’s issue of Metropolitan Corporate Counsel.

Recent news headlines share common themes and raise cautionary flags for harried legal, risk and compliance professionals:

  • The 2014 Nobel Memorial Prize in Economic Sciences was awarded to a professor whose career has been focused on the premise that financial markets and most industries

    David Curran, global director of Compliance and Risk at Thomson Reuters

    are inherently inefficient, and that today’s global regulatory schemes do not work;

  • Several big banks reporting their third-quarter results yet again wrote off hundreds of millions of dollars to cover legal expenses tied to settled and ongoing matters from the financial crisis;
  • The chairman of one large global bank told regulators from multiple government agencies that having a single U.S. regulator would benefit all parties by improving focus and shoring up resources, while eliminating expensive and unnecessary duplication – and help address a desperate need for training regulators;
  • Testimony at the ongoing Starr International Co. v. U.S. trial over the 2008 bailout of American International Group revealed that the Federal Reserve Bank’s approach to regulating industries in financial crises was defined partially in a secretive “Doomsday” philosophy.

To read the full article on the Metropolitan Corporate Counsel website, click here.

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