Excellence in Financial Services
Linda Gallagher
U.S. Leader of Financial Services Regulatory Practice
KPMG
When Linda Gallagher founded KPMG's financial services compliance practice 18 years ago, clients' needs were very different than they are today. "The issue most in vogue then was around fair lending and anti-discrimination," Gallagher says. "The focus was on compliance. It was about helping companies comply with very technical and detail-oriented laws and regulations."
In contrast, she estimates that the regulatory practice today is only about two percent compliance-driven and 98 percent strategy-driven. "Today's regulations are about concepts like consumer protection, which is a much harder-to-gauge standard. It's not always straightforward to know if your actions can be seen as deceptive or misleading," she says.
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