The financial crises, globalization, the advent of new technology and new, complex and expanded regulatory requirements have significantly altered the way the financial services industry views and performs its compliance functions. Today, compliance has evolved from being a functional operation which aims to meet regulatory requirements to being the “defecto” guardian of a financial institution’s reputation. This dynamic shift in role and the expectations that come with it has enhanced the compliance function to unprecedented levels. This change has not only amplified the role of compliance officers but it has also created the risk of blurring the line between compliance and the supervision of an entity’s business activities. Without a doubt, the compliance function is going through a process of radical change, evolving from something of a back-room technical role to a strategic management function that now has the ear of the Board and senior management.