General counsel are planning to create a ‘culture of compliance’ in 2014, with JP Morgan Chase leading the way.
The bank has put aside $2 billion to up its game on compliance staffing and training following a spate of major fines from regulators in 2013 and, according to a survey of  corporate counsel in US companies, other companies are following suit.
The research by ALM Legal Intelligence, which talked to 147 senior legal officers, revealed that compliance was top of the legal department’s 'to-do' list with companies planning  to focus on compliance to reduce risk and cut costs. Source: HIldebrandtblog.com