Meeting Regulators' Ends, Not Means, Lowers Risk

Fest, Glen
February 2007
Bank Technology News;Feb2007, Vol. 20 Issue 2, p16
Trade Publication
An interview with Kevin Ludwick, head of compliance at Qumas Corp. is presented. When asked how principles-based regulation differ from rules-based system, he explained that principles-based is about effectiveness. Ludwick believes that safety means doing everything equally, and shortcomings mean doing nothing well. He added that compliance departments have a degree of work ahead of them to resolve the questions around what the risk model should look like.


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