Bibliometric analysis of the regulatory compliance function within the banking sector

BIBLIOMETRIC ANALYSIS OF THE REGULATORY COMPLIANCE FUNCTION WITHIN THE BANKING SECTOR Author: Ana Ibáñez Zapata Director: Elies Seguí Mas Licenciatura en Administración y Dirección de Empresas Valencia, June 2017 TABLE OF CONTENTS 1. INTRODUCTION .................................................................................................. 3 1.1 Summary ................................................................................................................... 3 1.2 Purpose of the TFC and justification of the related subjects ..................... 3 1.3 Objectives ................................................................................................................. 7 2. THEORETICAL PRINCIPLES OF REGULATORY COMPLIANCE .................... 8 2.1 Introduction to Regulatory Compliance ........................................................... 8 2.2 The penal responsibility and the origin of Regulatory Compliance ....... 10 2.3 Regulatory Compliance at banking industry ................................................. 11 3. METHODOLOGY AND SOURCES FOR A BIBLIOMETRIC ANALYSIS ......... 16 3.1 Definition of Bibliometric Analysis .................................................................. 16 3.2 Bibliometric indicators ........................................................................................ 17 3.3 Sources and tools for the bibliometric analysis ........................................... 19 4. BIBLIOMETRIC STUDY FOR BANKING REGULATORY COMPLIANCE ....... 23 4.1 Definition of the search parametres ................................................................ 23 4.2 Bibliometric analysis ........................................................................................... 24 4.2.1 Most productive authors and institutions they belong to .................. 24 4.2.2 Annual distribution of articles.................................................................... 26 4.2.3 Geolocation ..................................................................................................... 26 4.2.4 Collaboration networks ................................................................................ 28 4.2.5 Keywords and co-wording .......................................................................... 33 4.2.6 Most productive editorials .......................................................................... 34 5. IN-DEPTH ANALYSIS OF THE LITERATURE RELATED TO REGULATORY COMPLIANCE .......................................................................................................... 36 6. CONCLUSIONS ................................................................................................. 54 REFERENCES APPENDICES Bibliometric analysis of Banking Regulatory Compliance 1 INDEX OF TABLES Table 1: Description of the Web of Science databases _______________________________ 19 Table 2: Search parametres in Web of Science _____________________________________ 23 Table 3: Most productive authors and institutions they belong to ______________________ 24 Table 4: Locations with higher number of publications _______________________________ 27 Table 5: Groups of authors from the two bibliographic coupling networks analysed ________ 32 Table 6: Keywords with highest frequencies _______________________________________ 33 Table 7: Co-word results for more than one iterations _______________________________ 34 Table 8: Editorials with more articles published for the 45 articles selected _______________ 35 Table 9: Classification of articles for their relation with Banking Regulatory Complance _____ 36 Table 10: Categorization of the 45 articles selected into topics ________________________ 37 Table 11: Aggregated information of the type of analysis performed ____________________ 37 Table 12: Aggregated information of the methodology used for analysis ________________ 38 Table 13: Articles included into Topic 1 ___________________________________________ 38 Table 14: Articles included into Topic 2 ___________________________________________ 41 Table 15: Scheme of authors participating in more than one article within Topic 2 _________ 42 Table 16: Articles included into Topic 3 ___________________________________________ 43 Table 17: Articles included into Topic 4 ___________________________________________ 45 Table 18: Articles included into Topic 5 ___________________________________________ 47 Table 19: Articles included into Topic 6 ___________________________________________ 49 Table 20: Articles included into Topic 7 ___________________________________________ 50 Table 21: Articles included into Topic 8 ___________________________________________ 52 Table 22: Most frequent countries publishing articles related to Banking Regulatory Compliance __________________________________________________________________________ 57 Table 23: Inclusion of the current hot topics in the regulatory compliance literature ________ 61 Table 24: Inclusion of the challenges and main trends of compliance applied to the banking industry ____________________________________________________________________ 61 Bibliometric analysis of Banking Regulatory Compliance 2 INDEX OF FIGURES Figure 1: BibExcel logo ________________________________________________________ 21 Figure 2: BibExcel execution screenshot ___________________________________________ 21 Figure 3: Pajek logo __________________________________________________________ 22 Figure 4: Pajek interface screenshot _____________________________________________ 22 Figure 5: GPS Visualizer logo ___________________________________________________ 22 Figure 6: Number of publications per year _________________________________________ 26 Figure 7: Co-author networks for more than two joint publications _____________________ 28 Figure 8: Separate nodes of the citation map ______________________________________ 29 Figure 9: Co-citation networks for a mínimum of three occurrences _____________________ 30 Figure 10: Bibliographic coupling vs Co-citation diagrams ____________________________ 31 Figure 11: First bibliographic coupling network _____________________________________ 31 Figure 12: Second bibliographic coupling network __________________________________ 32 Figure 13: BibExcel results for co-word ___________________________________________ 34 Bibliometric analysis of Banking Regulatory Compliance 3 1. INTRODUCTION 1.1 Summary In today's global marketplace, banking organizations have greatly expanded the scope and complexity of their activities and face an ever changing and increasingly complex regulatory environment. Furthermore, due to the consumer credit crisis, several high profile compliance breakdowns, and increased emphasis on consumer protection, the federal and state regulatory agencies, investors, legislators, and the general public are focused on institutions' customer practices and regulatory compliance performance like never before. Moreover, a compliance failure can result in litigation, financial penalties, regulatory constraints, and reputational damage that can strategically affect an organization. Regulatory compliance is an organization's adherence to laws, regulations, guidelines and specifications relevant to its business. This discipline has become more prominent in a variety of organizations and the trend has even led to the creation of corporate, chief and regulatory compliance officer positions to hire employees whose sole focus is to make sure the organization conforms to stringent, complex legal mandates. In this context, the aim of the present work is to provide with key notions regarding Regulatory Compliance applied to the banking industry, and the key guidelines in order to design and implement a compliance structure and methodology in a financial entity. A subsequent bibliometric analysis will be performed in order to obtain the main aggregated attributes of the existing literature related to banking regulatory compliance. This analysis will be based on the publications obtained from the bibliographic database Web of Science and will include the use of bibliometric tools such as BibExcel, designed to analyse bibliographic data, and Pajek, designed for visualization of large networks. The analysis will contain the most commonly used indicators to analyse the features of the set of documents studied, such as collaboration networks, keywords and co-wording, authorship and geolocation. Finally, an in-depth analysis of the literature that populates the bibliometric analysis will be the basis to detail the ifferent perspectives maintained by the authors publishing in this area. This analysis aims to gather significant conclusions about the treatment adopted towards Regulatory Compliance depending on the geographical area, existing regulation and other social factors. 1.2 Purpose of the TFC and justification of the related subjects The purpose of this work is to obtain a detailed overview of regulatory compliance and the most significant facts of this discipline applied to banking industry. This objective will be performed by a research of the related theoretical information and a further bibliometric study, which will show Bibliometric analysis of Banking Regulatory Compliance 4 the impact of this discipline in the bibliometric databases and will provide with an extensive knowledge on bibliometrics techniques. A final comparison between the theoretical concepts and status update found in specific bibliography and the conclusions from the articles found in the bibliometric study will allow to conclude on whether all relevant topics have been sufficiently covered by the bibliometric databases articles, and what are the foreseeable trends for the near future. Below is included the detail of the subjects that are related to each chapter and a brief rationale of their input for the accomplishment of this work. Chapter 2: Theoretical principles of Regulatory Compliance Related subjects Business Law General and Analitic Accounting Strategic Management and Company Policy Financial Management Introduction to corporate sectors (services) Financial Systems and Markets Technology of financial companies, consultancies and processing agencies Rationale This chapter describes the Regulatory Compliance function and an overview of the current situation of this discipline. Some of the regulation applicable to the banking industry was studied in Business Law. The banking activity was described and analized in the subjects Introduction to corporate sectors, Financial Systems and Markets, Technology of financial companies, consultancies and processing agencies and Financial Management. The contents of the subjects General and Analitic Accounting and Strategic Management and Company Policy have provided a background on management, decisión making and strategy in order to describe the mínimum requirements to design and implement a compliance methodology in a financial entity. Bibliometric analysis of Banking Regulatory Compliance 5 Chapter 3: Methodology and sources for a bibliometric analysis Related subjects Statistical methods applied to Economics Introduction to Statistics Information systems management Rationale This chapter describes the most commonly used indicators for bibliometric analysis as well as the source of the information and tools employed to process the data. The subjects Statistical methods applied to Economics, Introduction to Statistics and Information systems management provided a background on these contents. Chapter 4: Bibliometric study for banking Regulatory Compliance Related subjects General and Analitic Accounting Introduction to corporate sectors (services) Technology of financial companies, consultancies and processing agencies Statistical methods applied to Economics Introduction to Statistics Information systems management Rationale This chapter included the bibliometric study based on the methodology, sources and tools described in chapter 3. In addition to the subjects described before, the lessons learnt from General and Analitic Accounting have been useful to perform a qualitative analysis and accurate interpretation of the statistics obtained through the tools. Furthermore, the subjects Introduction to corporate sectors and Technology of financial companies, consultancies and processing agencies provide with key learning points of the banking activity, which were useful to link the regulatory compliance discipline with its application to banking industry. Bibliometric analysis of Banking Regulatory Compliance 6 Chapter 5: In-depth analysis of the literature related to Regulatory Compliance Related subjects General and Analitic Accounting Strategic Management and Company Policy Service companies management and organization English Rationale The subjects Strategic Management and Company Policy and Service companies management and organization de servicios include basic concepts on banking structure, activity and organisation, which were useful to understand the regulatory compliance function applied to the banking industry. With the concepts learnt in General and Analitic Accounting a background was provided regarding qualitative analysis and results interpretation which was used to obtain the key information required and aggregate qualitative results from the articles selected. Finally, the technical English contents in the language classes were useful in order to develop my English skills, which has been demonstrated in the use of English to write this piece of work. Bibliometric analysis of Banking Regulatory Compliance 13 Compliance Program for banking industry With regards to the compliance programmes for banking entities, the following specific areas should be included, together with the generic areas specified on section 2.1 (ASCOM, 2017): - Anti-Money Laudering and Terrorism Financing - Bribery, Fraud and Corruption detection - Defense of Competition - Market Abuse - Personal Data Protection and Information Privacy - Conflicts of Interest Management - Complaints and Claims Management - Prevention System for Penal Risk - Consumer Protection - IT Compliance Main challenges of banking compliance The banking and regulatory industries show a constantly changing environment. Below are described some of the most significant hot topics which relate to both areas: 1. New trends in regulatory compliance In the last years, the Compliance profession has been acquiring increasing significance within the corporate governance of companies. The establishment of programs and methogolody has led to a more “professionalized” area, which comprises specialized staff. The trends for regulatory compliance in the upcoming months/years are the following: - Increase of the relationship between compliance and corporate ethics: as more people get specialised in compliance, compliance organisations increase the volume and level of their training and the flows of information exchange are bigger each time. This entails that all the compliance structure gets stronger and professionals provide added value to their work including new aspects such as corporate ethics. - Operationalisation of the compliance programs: the compliance programs may not be only a set of procedures and controls, but they also may be applied effectively to the relationship between Compliance and the other areas of the entities. - Audit and monitoring: Compliance programmes may be permanently reviewed by an independent audit team, specially for their involvement of third parties. Bibliometric analysis of Banking Regulatory Compliance 14 - Improve Board participation: Overall, the Board members have not been properly skilled on compliance knowledge. As long as this function is becoming key in the organisations, the Board members will need to be adequately trained on the monitoring and surveillance of compliance programs and promote a “tone from the top” culture of compliance. 2. Roles of the regulatory compliance professionals Work in advising organisations on regulatory compliance and ethics programs has expanded exponentially. Inhouse corporate lawyers are claiming the area of preventive law as their own. Meanwhile a new “compliance profession” is beginning to emerge, as evidenced by the employment of both lawyers and non-lawyers in inhouse corporate compliance departments and the growth of professional associations, conferences and training courses catering specifically for their needs (Parker, 2000). One of the main differences between these two types of specialists is the perimeter of their analysis: the lawyers see the legal advisory as an autonomous advocacy whereas the compliance experts show a higher conceptualisation of their duties, adjusting the regulatory framework within the company and taking consideration of other professionals, regulators and stakeholders to play a transformative role within the organisation (Parker, 2000). Due to the increasing demand of compliance officers who are able to set up the mechanisms to ensure that the organisations are compliant with the regulatory framework, the profile of the traditional lawyers is evolving towards a compliance officer role, not only experienced in law, but also in risk management and with communication skills to promote the compliance across all the organisation. 3. The cost of implementing a compliance system As a recent discipline, the market shows a certain degree of distrust with the sale of compliance solutions to be implemented in their companies. The main reasons are explained below: - There is a large number of providers of services offering compliance solutions. In many cases, the product offered consists of a set of standard framework, methodology and procedures, which may not be completely adapted to the organisation (these are informally called “pret-a-porter” solutions). The rationale under the acquisition of this type of solutions is that the existence of a compliance program sometimes precludes criminal prosecution of a corporation after its agent has broken the law, or can lead to a sentence downgrade. However, it is remarkable that the compliance program implementation must be “effective”, and therefore the lack of real prevention systems may still cause penal liabilities for the companies. In order to be considered as “effective”, a compliance program must meet, among others the following requirements: be approved, implemented and supported by the highest levels of the corporation; address the problema areas exemplified by the wrongdoing at issue; be tailord to fit Bibliometric analysis of Banking Regulatory Compliance 15 the particular corporation’s culture as well as the relevant industry; clearly communicate the corporation’s intention to comply with the law and announce employeee penalties for prohibited acts; and involve efforts to enforce the policy and disciplinee wrongdoers (Wellner, 2006). - The costs of compliance solutions are deemed to be excessive for the medium and small sized companies. Furthermore, the standard set provided by third parties is often applicable to big organisations, and therefore not realistic for these type of companies. However, there is a need for medium and small-sized organisations to have a preventative compliance system in place in order to be able to sign comercial agreements with public sector The main challenge nowadays is to be able to perform a size-based assessment and implement the necessary compliance measures in these companies, with a reasonable cost. Bibliometric analysis of Banking Regulatory Compliance 16 3. METHODOLOGY AND SOURCES FOR A BIBLIOMETRIC ANALYSIS 3.1 Definition of Bibliometric Analysis The Bibliometric Analysis (or Bibliometrics) is the study of scientific production through mathematic and statistical methods (Pritchard, 1969). The input of this discipline are scientific publications, including books and other media of communication, obtained from bibliographic databases. A set of attributes, called bibliometric information, is required from each publication to perform the bibliometric analysis. This information includes author, affiliation, citations from other publications, co-citations with other publications, reader usage and associated keywords (Norton, 2001). Bibliometrics uses a set of indicators that allow to express in a quantitative manner the bibliographic features of the set of documents studied as well as the relationship between these features (Ardanuy, 2012). The types of indicators are described in the next section. The bibliometric analysis is applied mainly to two fields: a) the planning of libraries and documental centres in order to solve space constraints, as bibliometrics provides with information of documents that fall into disuse or reduced use due to ageing, and therefore can be stored in external deposits or transformed into microformes; and b) to scientific policy tasks, where the analysis of citations are used to assess the scientific production of given investigators, groups or countries. Bibliometrics has developed a large amount of techniques which allow measuring different attributes of the users, both from the scientific production perspective as well as the consumption of information they make. In general, its application has meant a big help to define the systems and information services more adequated for them (Sanz Casado et al., 1997). The advantages of bibliometric methods for scientific evaluations are rather obvious (The Guidelines Project):  The methods are straightforward, since based on simple counting. Many techniques have become especially simple in the digital age, because their application can be automated.  On first sight they are objective and unbiased. At the same time, there are some obvious drawbacks in these methods:  As quantitative methods they may completely miss the point for a qualitative evaluation.  They may be manipulated (e.g., unnecessary citations by your colleagues).  The number of citations depends more on the number of people working in the same domain, rather than on the intrinsic quality or originality of the published results.  Since the number of citations is a driving force for evaluating researchers in their career promotion, researchers will tend to cling to “trendy research” in fields where many other Bibliometric analysis of Banking Regulatory Compliance 17 researchers are active and where scientific funds can more easily be obtained. The result may be a trivialization of research subjects instead of an active search for original research ideas.  In practice it has lead to an Anglo-Saxon bias and a strengthening of the big players in the publication sector, to the disadvantage of small publishers, Southern countries and, e.g., Hispanic, Japanese, Chinese, Russian, Arabic and Francophone publications. 3.2 Bibliometric indicators As stated in the previous section, the bibliometric analysis is performed through the use of bibliometric indicators. These indicators are numeric data calculated from the bibliographic atributes observed in the documents published in scientific and academic media The indicators synthesize a bibligraphic feature or a combination using a numeric value, which take more interest when compared with observations from other set of documents (other geographic áreas, universities, discipline, databases etc) (Ardanuy, 2012): Personal indicators These indicators refer to authors’ personal atributes such as age, gender, profesional position, country or organisational affiliation. Other indicators based on this data are the insulation index or the percentage of references from a given publication that belong to the same country. Production indicators Production indicators are obtained from the count of scientific publications to measure the scientific acivity. The scientific activity is measured based on the amount of publications by autor, department or investigation group, institution, discipline or country during a given period of time. These indicators allow stablishing production rankings by authors and other aggregated comparisons. The productivity indicator is defined as the common logarithm of the number of publications. On the basis of the productivity data for the analysed authors it is posible to obtain indicators such as the average number of publications per autor, average number of authors per publication or statistic indexes of dispersion (standard deviation). Dispersion indicators It is about determine which publications represent the core of the discipline. These publications are usually deemed to gather 50% of the citations. Visibility or impact indicators These indicators measure the influence of the authors and the articles published and are the most known magnitudes of bibliometrics given their direct effect on the investigators’ professional careers. A considerable part of the promotion and assignation of resources systems for the Bibliometric analysis of Banking Regulatory Compliance 18 scientific and academic community in the most developed countries is based on the estimation of the investigator productivity and the influence of his work. This estimation can be made from the analysis of citations or websites. It is reasonably assumed that a higher amount of citations or links corresponds to a greater influence of the author, and therefore his work is more valuable. Likewise a relative frequency of citations of a publication entails higher prestige for both its editors and its authors. The most simple indicator is the total amount of received citations. Sometimes its logarithm is calculated – known as Platz index. Another commonly used indicator is the average of citations received by each contribution made by each author. The Impact Factor (IF), used for recurrent publications, is the división between the received citations and the articles published. The impact factors are calculated yearly for the magazines that are included in the Journal Citation Reports (JCR) provided by Thomson Reuters. The JCR defines a publication IF as the ratio of the number of citations obtained in one year by a publication within the articles published the previous two years divided by the total amount of articles published in the same period. Collaboration indicators These indicators measure the relationship between the scientific producers that have come up with the joint publication of their results. It can be calculated the proportion of articles with two, three of more authors and identify those individuals or institutions that have worked more in partnership. A more complex analysis studies the social network established between the authors publicating jointly. This analysis can be also made with other levels of aggregation such as institutions or countries. The social networks analysis allows the study of co-citation. This is the event by which two or more authors are cited jointly. In the case this occurs with a significant frequency, it is reasonable to conclude that they work in a same área of knowledge although they are not necessarily collaborating. Obsolescence indicators The current scientific development involves an accelerated aging of the scientific literature. In other words, there is a strong tendency in many disciplines by which scientific publications become obsolete quite rapidly. In some cases, in áreas with a high level of production, the documents are substituted by others with more updated information. In other cases, the information is still valid, but there is a decreasing interest in such fields of knowledge.The obsolescence indicators measure the ageing of the publications. Bibliometric analysis of Banking Regulatory Compliance 19 3.3 Sources and tools for the bibliometric analysis a. Sources for the bibliometric analysis To perform a bibliometric analysis is required extensive bibliographic information, which is usually obtained from bibliographic databases. These databases are made up of a set of atributes with bibliographic information (author, title of the article and of the publication or magazine, publication date, publisher, etc) which are stored and managed through computerized systems. Many of these databases contain descriptors, keywords and abstracts, and some of them contain citation index. The only citation indexes available during a long time - Science Citation Index (SCI), Social Sciences Citation Index (SSCI) and Arts and Humanities Citation Index (AHCI)– were developed by the Institute for Scientific Information (ISI), founded by Eugene Garfield in 1960. Nowadays, these indexes are integrated in the Web of Science (WOS), provided by Thomson Reuters through the Web of Knowledge (WOK) platform (Ardanuy 2012). WOS indexes around 9.300 of the most reputable investigation magazines and comprises the databases indicated below. The fact that a recurring publication is indexed in this database is considered globally as a significant quality criterion. Table 1: Description of the Web of Science databases WEB OF SCIENCE Database Description Science Citation Index Expanded (SCI-EXPANDED) It covers more than 6,500 notable and significant journals, across 150 disciplines, from 1900 to the present. These are alternatively described as the world's leading journals of science and technology, because of a rigorous selection process Social Sciences Citation Index (SSCI) The SSCI citation database covers some 3,000 of the world's leading academic journals in the social sciences across more than 50 disciplines. Arts & Humanities Citation Index (A&HCI) This database abstracts and indexes for more than 1,700 arts and humanities journals, and covers disciplines that includes social and natural science journals. Bibliometric analysis of Banking Regulatory Compliance 20 Database Description Conference Proceedings Citation. IndexScience (CPCI-S) Each year the worldwide community of scholars and the professional societies to which they belong organize tens of thousands of meetings at which the members present papers on their latest research. The conference proceedings issued at these gatherings are published as items in journals or as books. From this vast body of literature Thomson Reuters selects for coverage in its Conference Proceedings Citation Index only those publications which will be of greatest importance to the largest number of researchers and scientists worldwide. Conference Proceedings Citation. IndexSocial Science & Humanities (CPCISSH) Current Chemical Reactions (CCREXPANDED) The database indexes over one million reactions, and the range of coverage is from 1986 to present day. Index Chemicus (IC) Bibliographic data related to chemichal disciplines gathered since 1986. Source: Compiled by the author The articles listed in the Web of Science can be obtained either through their correspondent websites or through Google Scholar. Google Scholar is a freely accessible web search engine that indexes the full text or metadata of scholarly literature across an array of publishing formats and disciplines. Google Scholar traces the Internet and converges two services into a single platform. Firstly it is a search engine for scientific publications, and secondly it is an index of citations that helps getting to know the impact of such publications (Torres-Salinas et al., 2009). We will use Google Scholar in this work only to download the contents of the scientific publications listed on Web of Science. Note that there is an actual dependency on Google Scholar subscriptions, as the type of access granted will depend on the type of subscription that every university or institution has agreed. b. Tools for the bibliometric analysis The tools we will use to develop our bibliometric analysis are described below: Bibexcel Bibexcel is designed to assist a user in analysing bibliographic data, or any data of a textual nature formatted in a similar manner. The idea is to generate data files that can be imported to Excel, or any program that takes tabbed data records, for further processing. This tool-box includes a number of tools, some of them visible in the window and others hide behind the menues. Bibliometric analysis of Banking Regulatory Compliance 21 The link used to download Bibexcel is http://homepage.univie.ac.at/juan.gorraiz/bibexcel/ Figure 1: BibExcel logo Source: BibExcel (2016) Figure 2: BibExcel execution screenshot Source: BibExcel (2016) Pajek Pajek is an open source Windows program for analysis and visualization of large networks having some thousands or even millions of vertices. In Slovenian language thegoogle word pajek means spider. The main motivation for development of Pajek was the observation that there exist several sources of large networks that are already in machine-readable form. Pajek provides tools for analysis and visualization of networks such as collaboration networks, citation networks and diffusion networks. Bibliometric analysis of Banking Regulatory Compliance 22 The link used to access Pajek is http://mrvar.fdv.uni-lj.si/pajek/ Figure 3: Pajek logo Source: Pajek (2016) Figure 4: Pajek interface screenshot Source: Pajek (2016) GPS Visualizer GPS Visualizer is a free utility that creates customizable maps and profiles from GPS data (tracklogs & waypoints), addresses, or coordinates. Figure 5: GPS Visualizer logo Source: Google (2016) Bibliometric analysis of Banking Regulatory Compliance 29 b. Citation maps The citation maps show how the 87 articles included in our search from Web of Science citate each other. The citation map for our population is as follows: Figure 8: Separate nodes of the citation map Source: Compiled by the author via Pajek As per the citation nodes drawn in the screenshot, there are three authors who have been cited by others in our compilation of articles. Firstly, we have disregarded the result corresponding to Helland, E. as the theme of his article is related to environment regulation and therefore it is not considered within our scope. Although the number of citations is not representative enough to consider that the other two cited authors (Clark, J. and Gilpatric, SM) are key pillars for the banking regulatory compliance literature, we can sill note that their publishing activity is extensive and they are often part of specialist groups who participate in joint articles, as observed through the following indicators: - Both authors have been cited three times each in this compilation of articles by more recent publications. - Gilpatric, SM has issued co-authorised articles with other related authors (refer to section 1.a Co-author networks). - As per the bibliographic coupling test included in this assessment (refer to section 1.d Bibliographic coupling), Gilpatric, SM and Clark, J. are part of groups of authors that have issued articles related to the use of competition to reinforce regulatory compliance and they have cited Bibliometric analysis of Banking Regulatory Compliance 30 each other in their references. c. Co-citation networks The co-citation occurs when one author citates two authors in a publication, and this scheme has been repeated in several publications; this is, two authors have been recognized by several authors at the same time. The map displayed in the figure below was obtained through the Kamada-Kawai algorithm (2D) by eliminating low frequencies (mínimum 3). Figure 9: Co-citation networks for a mínimum of three occurrences Source: Compiled by the author via Pajek The co-citation map includes the documents represented by authors and year of publication. The map shows a single network containing two pairs of authors that have been co-cited significantly: Harrington, W. and Handsberger, M. and Lazear, EP and Fischbacher, U. d. Bibliographic coupling The bibliographic coupling defines the relationship when two authors citate other authors. This is therefore, the mirror-image of the co-citation. In bibliometrics, bibliographic coupling and cocitation are examples of ways to assess document similarities, as shown by the figure below. For bibliographic coupling, citing documents are the subject for analysis. The degree of bibliographic coupling for documents A and B is reflected in the number of documents that are cited by both A Bibliometric analysis of Banking Regulatory Compliance 31 and B. The focus of co-citation analysis is on the cited documents, by calculating the number of documents that cite both C and D. Figure 10: Bibliographic coupling vs Co-citation diagrams Source: Information Research, an international electronic journal. The search for bibliographic coupling in Bibexcel stated that the máximum number of joint citations obtained is 9. The two diagrams below show the two bibliographic coupling networks identified which include only the máximum number of citations observed in the bibliographic coupling file (9 iterations): Figure 11: First bibliographic coupling network Source: Compiled by the author via Pajek Bibliometric analysis of Banking Regulatory Compliance 32 Figure 12: Second bibliographic coupling network Source: Compiled by the author via Pajek Table 5: Groups of authors from the two bibliographic coupling networks analysed Number of shared citations Author 1 Author 2 9 Gilpatric SM Clark J 9 Gilpatric SM Friesen L 9 Gilpatric SM Muller A 9 McKee M Clark J 9 McKee M Friesen L 9 McKee M Muller A 9 Vossler CA Clark J 9 Vossler CA Friesen L 9 Vossler CA Muller A 9 Friesen L Short JL 9 Friesen L Toffel MW 9 Gangadharan L Short JL 9 Gangadharan L Toffel MW Source: Compiled by the author The table returns different groups of associated authors. The first association is compound by the authors Clark-Friesen-Muller of article 65 “Using competition to stimulate regulatory compliance: A tournament-based dynamic targeting mechanism”. Gilpatric-McKee-Vossler are co-authors of article 37 “Regulatory enforcement with competitive endogenous audit mechanisms”. As both Bibliometric analysis of Banking Regulatory Compliance 33 articles relate to the use of competition to reinforce regulatory compliance, it seems reasonable that their authors citate each other in their references. The second association is compound by the authors Friesen-Gangadharan (authors of articles 4 “Regulatory performance of audit tournaments and compliance observability” and 20 “Designing self-reporting regimes to encourage truth telling: An experimental study”) and Short-Toffel (authors of article 36 “Coming Clean and Cleaning Up: Does Voluntary Self-Reporting Indicate Effective Self-Policing?” and 51 “Coerced confessions: Self-policing in the shadow of the regulator”). Again, all these articles are related to the self-reporting and self-policing for regulatory compliance, and therefore the authors have cited each other in their references. 4.2.5 Keywords and co-wording This section contains the search for the keywords that are most frequently mentioned in the abstracts of the documents related to banking regulatory compliance obtained in our query in Web of Science. As per the information provided by Bibexcel, only 55 out of 87 articles included their keywords in their bibliographic metrics. The words that have been referred more than 4 times are the following: Table 6: Keywords with highest frequencies Frequency Keyword 14 Regulatory compliance 8 Regulation 6 Environmental regulation 5 corporate governance 4 Compliance 4 Enforcement 4 corporate social responsibility Source: Compiled by the author All these keywords are closely related to the Banking Regulatory Compliance discipline, excepting the keyword “Environmental regulation”. The reason why this keyword is included with large frequency may be that Environmental is also a highly regulated area, with many activity concerning regulatory compliance. The search below was done in order to perform a co-word analysis. The co-word analysis determines how the keywords are linked together in the same article. The search for co-word in Bibexcel returned the results from the screenshot below: Bibliometric analysis of Banking Regulatory Compliance 34 Figure 13: BibExcel results for co-word Source: Compiled by the author via BibExcel The results show that there are 574 couples of words co-mentioned once and only 5 couples of words that are mentioned together in more tan one article. The table below includes these five couples of keywords: Table 7: Co-word results for more than one iterations Co-word frequency Key word 1 Key word 2 2 Regulation Regulatory compliance 2 Enforcement Regulation 2 Corporate Governance Regulation 2 Efficiency Regulatory compliance 2 Compliance Environmental Regulation Source: Compiled by the author 4.2.6 Most productive editorials This search is based on the 45 articles which are deemed to be related with Banking Regulatory Compliance (refer to the analysis in Section 5 of this work). The sample has been published by 19 different editorials. 27% of these publications correspond to Elsevier Science BV. Elsevier is a world-leading provider of information solutions that provides web-based, digital solutions — among them ScienceDirect, Scopus, Evolve, Knovel, Reaxys and ClinicalKey — and publish over 2,500 journals and more than 33,000 book titles. The table below includes the editorials with more publications within our population of articles. Bibliometric analysis of Banking Regulatory Compliance 35 Table 8: Editorials with more articles published for the 45 articles selected Editorial Total ELSEVIER SCIENCE BV 12 INFORMS 4 KLUWER ACADEMIC PUBL 4 WILEY-BLACKWELL 4 Source: Compiled by the author Bibliometric analysis of Banking Regulatory Compliance 36 5. IN-DEPTH ANALYSIS OF THE LITERATURE RELATED TO REGULATORY COMPLIANCE The objective of this chapter is to analyse in detail the articles related to Regulatory Compliance obtained in our initial search and gather information about the most common topics used and the conclusions obtained by the authors. The aim of our search was to obtain articles related to banking regulatory compliance. The population of articles obtained in our initial search was 87 articles. A previous analysis of the abstract of all these articles was performed to disregard those that do not fully meet the attributes for our search. Note that three additional articles meeting the attributes of our search were published in Web of Science on 11 April 2017. The addition of these articles do not impact significantly on the metrics obtained previously and therefore we have maintained the results for chapters 3 and 4 and have not included these articles within the population of chapter 5. The first screening performed returned the following results: Table 9: Classification of articles for their relation with Banking Regulatory Complance Topics Number of articles Topics related with Regulatory Compliance or Banking Regulatory Compliance 45 Topics related with specific activities different to banking (such as industry, environment, health and religion), with conclusions not applicable to other areas 42 Source: Compiled by the author The 42 articles not fully related with Regulatory Compliance were disregarded and therefore the population for the metrics and the analysis performed in this section is based on the 45 remaining articles. An in-depth analysis was performed over the literature extracted in the previous chapter, with the aim to obtain an understanding of the main topics related to banking regulatory compliance as per the articles found in our search in Web of Science. Firstly, we performed a classification of the 45 articles that conform the population into eight categories, being this categorization based on the information included in their abstract. The table below shows the categories and number of articles that have been included in each one of them. Bibliometric analysis of Banking Regulatory Compliance 37 Table 10: Categorization of the 45 articles selected into topics Topic Id Topic Number of articles 1 The cost and cost-efficiency ratio of the regulatory compliance 10 2 Audit as a mechanism to reinforce regulatory compliance 5 3 The function of public institutions and governments to ensure regulatory compliance 5 4 Relationship between regulatory compliance and transparency 7 5 The impact of regulatory compliance on credit risk 4 6 Specifications of the compliance function 4 7 The impact of Risk Management & Corporate governance on regulatory compliance 7 8 Others 3 45 Source: Compiled by the author The articles related with the cost of implementing the regulatory compliance function entail 22% of the population, and those related with the relationship between compliance and transparency and the impact of risk management and corporate governance on regulatory compliance mean 16% each of the population. These are therefore the areas with highest interest for the authors. Once categorized, we performed an in-depth lecture of the articles available. Note that we were not able to obtain the full article in 10 cases. In these cases, we used the information available in the abstract obtained in Web of Science to know the main aspects of the topics discussed. The following aggregated information, related to the type of analysis performed, was obtained: Table 11: Aggregated information of the type of analysis performed Qualitative Both Quantitative Not determined Theoretical 7 1 8 Empiric 10 6 5 21 Both 2 5 7 Not determined 9 9 18 11 6 10 46 Source: Compiled by the author Bibliometric analysis of Banking Regulatory Compliance 38 Table 12: Aggregated information of the methodology used for analysis Methodology used Comparative analysis 7 Default model 1 Descriptive Study 9 Regression Model 18 Template analysis 1 Not determined 9 45 Source: Compiled by the author Most of the studies (86% out of 45 analysed articles) have an empiric component; this is, they are either pure empiric or join empiric and theoretical results to obtain conclusions. On the other hand, the studies related to the compliance discipline are qualitative in their majority (51% are only qualitative and 31% include qualitative and quantitative assessments). With regards to the methodology employed for assessment, 51,4% of the analysis consist of predictive regression models. Regression analysis is one of the most widely used techniques for analyzing multi-factor data. Its usefulness result from the conceptually logical between a variable of interest (the response) and a set of related predictor variables. 22% of the population (9 articles) include a descriptive study whereas another 22% are based on a descriptive study. Finally, 7 articles (16% of the population) based their conclusions on comparative analysis. A detail of the contents of the articles within each of these topics is included below: Topic 1: The cost and cost-efficiency ratio of the regulatory compliance Table 13: Articles included into Topic 1 Title Publication Year Does Basel compliance matter for bank performance? 2016 The effects of Regulatory Compliance for small banks around crisis-based regulation 2016 The Cost of Duplicative Regulation: Evidence From Risk Retention Groups 2012 Are foreign banks more profitable than domestic banks? Homeand host-country effects of banking market structure, governance, and supervisión 2011 Cross-Business Information Technology Integration and Acquirer Value Creation in Corporate Mergers and Acquisitions 2011 Irish credit unions: Investigating performance determinants and the opportunity cost of regulatory compliance 2010 Bibliometric analysis of Banking Regulatory Compliance 45 to be positively correlated with corruption. Finally, the analysis concludes that corruption raises the degree of noncompliance. Finally, the article “Do employers comply with civil/human rights legislation? New evidence from New Zealand job application forms” assesses the extent to which job application forms violate the New Zealand Human Rights Act. 88% of the job application forms contain at least one violation of the Act. The most common violations concern age, gender, nationality, and disability. The least common concern political opinion, ethical belief, religious belief, and sexual orientation. Note that this article was issued in 2002, and therefore the premises may have changed at present. The conclusions obtained are not applicable overall to our study. Topic 4: Relationship between regulatory compliance and transparency Table 17: Articles included into Topic 4 Title Publication Year The "Peter Pan Syndrome" in Emerging Markets: The Productivity-Transparency Trade-off in IT Adoption 2015 Information asymmetry around operational risk announcements 2014 Designing self-reporting regimes to encourage truth telling: An experimental study 2013 Managing Data Quality Risk in Accounting Information Systems 2012 Pre-emptive Corruption, Hold-up and Repeated Interactions 2012 Coming Clean and Cleaning Up: Does Voluntary Self-Reporting Indicate Effective Self-Policing? 2011 The enforcement of pollution control laws: Inspections, violations, and selfreporting 1998 Source: Compiled by the author Seven articles have been classified under this topic, as they link regulatory compliance with transparency, reporting and information provided to regulators. Six of these articles were published after 2010, and six of them were issued in the USA. The article “The “Peter Pan Syndrome” in Emerging Markets” (2015) aims to answer empirically, focusing on retail textil Indian industry, whether operational transparency concerns impede IT adoption by businesses, to what extent IT adoption has a positive impact on productivity and to understand the differences in the level of IT adoption between smaller or larger firms. The results show that that IT adoption is significantly affected by transparency concerns. While corruption reduces IT adoption, enforcement and auditing increases IT adoption by providing all firms a level Bibliometric analysis of Banking Regulatory Compliance 46 playing field and reducing the negative impact of corruption. IT adoption increases store productivity on an average by about 50 to 70 percent. The effects of transparency on IT adoption and the impact of adoption on productivity are both greater for larger than for smaller firms. At the margin, higher corruption and lower enforcement raises thethreshold of productivity required for IT adoption. In the article “Information asymmetry around operational risk announcements”, the operational risk events by US financial firms during 1995-2009 were analysed in order to check the existance of information asymmetry (differential information between two types of traders: informed and non-informed) in the equity markets after the announcement of such incidences. The study checks that indeed the information provided by market makers is limited at the announcement of the risk events, in order to promote information risk and to accomodate an increase in trading volumes. This information asymmetry reverts after the announcement of the event settlement, and is specially significant for internal fraud and business practices related events. The level of asymmetry is stronger in the case of weak governance structures (low ratio of independent directors in the board) and low levels of institutional ownership (low executive ownership ratio of company shares). However, the risk management function has poor impact on the quality of information. The interpretation of this, as per the study, is that the companies’ risk management function is driven by regulatory compliance needs and performs a more formal and reporting function with no effective impact on the business activity. The challenge for regulation and corporate governance roles is then to establish efective disclosure practices and promote transparency in securities market. The article “Designing self-reporting regimes to encourage truth telling: An experimental study”, published in 2013 in Australia, aims to study through an experimental design the firms selfreporting behaviour under different reporting regimes. The results are presented separated into two variables: Individuals' honesty, which concludes that attitudes towards lying show a significant correlation with reporting behaviour; Reporting enforceability, showing that the proportion of individuals who report accidents is higher in the compulsory treatment as compared to the voluntary treatment. The findings suggest that careful design of self-reporting regimes is necessary to achieve satisfactory compliance outcomes. In the work “Managing Data Quality Risk in Accounting Information Systems” (USA, 2012), a new methodology is presented to manage and decrease the risks associated with the accounting systems data quality. This is significant as the data quality of the accounting systems deeply impacts on internal business decision making and external regulatory compliance. The paper “Pre-emptive Corruption, Hold-up and Repeated Interactions” analyses the effects of repeated interactions between a firm and an inspector who monitors regulatory compliance. The conclusions of the model, within the context of a repeated game are that: a) an increasse in the probability of bribe detection is more effective at deterring colllusion than an increase in the Bibliometric analysis of Banking Regulatory Compliance 47 penalties. This result may be particularly useful in situations where political constraints make it difficult to increase penalties and where limiting repeated interactions between bureaucrats and firms is not feasible because implementing a staff-rotatio policy is too costly; b) the set up of penalties for bribery reduce both bribery and illegal activity among potential offenders but produces a net welfare gain for these offenders and therefore its effects are ambigous; c) an increase of the inspector's reward for truthful reporting has also ambiguous effect as it discourages potential offenders from engaging in corruption but it may increase the fraction of criminals offering a preemptive bribe. The oldest document within the set of articles published after 2010 is “Coming Clean and Cleaning Up: Does Voluntary Self-Reporting Indicate Effective Self-Policing?” (USA, 2011). This piece of work focuses on the voluntary compliance self-reporting programmes and concludes that the use of self-reporting by regulated firms is considered as an indicator of their willingness to police their own operations and their commitment to improve their regulatory compliance. Finally, the study “The enforcement of pollution control laws: Inspections, violations, and selfreporting”, published in the USA in 1998, The study focuses on the role of targeting in environmental regulatory enforcement. In this model, the industry is divided in two groups: good firms and bad firms, and inspections are more frequent in the bad firms group. This study tests theorically and empirically the role of targeting. The analysis, consisting of regression models for the violation, inspection and self-reporting scenarios, concludes that there is no evidence that inspections that do not detect violations increase the probability of future violations. This is consistent with the view that violations are difficult to correct and hence are not the best means for firms to signal their desire to cooperate with a regulator once a violation is detected. The cost of compliance appears critical to the decision to self-report a violation, with highand low-cost plants far less likely to self-report a violation than plants with an intermediate cost. Finally, detecting a violation does make plants more likely to self-report a violation. Topic 5: The impact of regulatory compliance on credit risk Table 18: Articles included into Topic 5 Title Publication Year Does Regulatory Certification Affect the Information Content of Credit Ratings? 2016 Cyclical adjustment of point-in-time PD 2010 The value of non-financial information in SMEs enterprise risk management 2010 Default estimation for low-default portfolios 2009 Source: Compiled by the author Bibliometric analysis of Banking Regulatory Compliance 48 Four articles out of our sample link regulatory compliance with credit risk; all of them were published after 2009. The study “Does Regulatory Certification Affect the Information Content of Credit Ratings?” published in 2016 in USA, aims to check whether the regulatory certification of credit rating agencies as NRSRO (Nationally Recognized Statistical Rating Organization) lowers the quality of the ratings they produce, taking into account the rating agency compensation structure (issuerpaid vs inverstor-paid agencies), which may cause conflicts of interest in the issuer-paid structure. A difference-in-differences approach (difference of pre-versus post NRSRO in difference of issuer-paid vs investor paid rating agency) The analysis concludes that, in the case of an investor-paid credit rating agency, the information production is not affected by the NRSRO certifications, as the ratings policy persists after this designation. This may suggest that ratings policy is more dependant on each rating agency compensation, instead of dependant on their designation as NRSRO. The article “Cyclical adjustment of point-in-time PD” introduces an approach to calculate capital requirements for banks which do not have sufficient information profundity to use a “long-run” calculation. This methodology, which includes predictions of future realizations of the time-series based on information from past occurrences, was accepted as compliant by the FSA, although some concerns were presented. The two most significant concerns referred to the conditional acceptance of this methodology only for firms that do not own complete data to model the longrun average PD, and the need to include a “once in 25 years stress test” in the firms’ stress testing. Other concerns refer to the impossibility to identify how much of the portfolio degradation is due to cyclical fluctuation and to the use of industry data and proxies. The article “The value of non-financial information in SMEs enterprise risk management”, published in 2010 in USA, makes a comparative analysis and confirms the main idea that SMEs require models and procedures that are specifically focused on the SME segment. This information, when available, is likely to significantly improve the prediction accuracy of the model by up to 13%. Using nonfinancial variables as predictors of company failure significantly improves the prediction model’s accuracy. However, it is believed that this result is even more important for SMEs considering the lack of financial information available for so many of them. Finally, the article “Default estimation for low-default portfolios”, issued in 2009 in USA by Nicholas M. Kiefer, includes a probability (Bayesian) approach to estimate default probability for low-- default portfolios with little historical data information. The variables included in this approach are default likelihood and expert information. This approach presents handicaps with regards to robustness – the estimation may lack of validators and justification for the methods used – and with regards to supervisión – given the high grade of subjectivity of the estimation-. Supervisors are willing to accept subjective decisions as long as they are well grounded. The author concludes Bibliometric analysis of Banking Regulatory Compliance 49 that, as long as the subjective information becomes more formal (probabilistically described), supervisors will have to deal with this type of inputs with more frequency. Topic 6: Specifications of the compliance function Table 19: Articles included into Topic 6 Title Publication Year On the joint use of licensing and liability 2009 Punishment in a regulatory setting: Experimental evidence from the VCM 2003 Business crime: What to do when the law pursues you 2000 The ethics of advising on regulatory compliance: Autonomy or interdependence? 2000 Source: Compiled by the author These four articles, all published before 2010, talk about specific features of the compliance function. The most recent article was published in Sweeden in 2009 (“On the joint use of licensing and liability”) and describes the relationship between licensing and strict liability. Licensing is a requirement for firms to hold a license to construct and operate a facility and is tipically issued by a local regulatory agency. A variable in the license grant is the existence of compliance defense in case of a harm. This study analises the joint use combinations of regulation and liability (in contrast to pure liability) and their implications to maximize social welfare. If a compliance defense is not allowed then a social welfare maximizing regulatory agency should consider litigation cost when making its licensing decision. This entails that a joint use of regulation and liability decreases social welfare compared to pure liability. In case of existing compliance defense, the activity level will depend on the cost rule (in exchange for the firm for being relieved of liability, it will comply with a smaller activity level than the level chosen under pure liability). The article “Punishment in a regulatory setting” tests different scenarios of punishment probability and severity to analize its effectiveness towards regulatory compliance. The publication “Business crime: What to do when the law pursues you” is a descriptive study that faces different challenges of regulatory compliance for business crime: a.- Outsourcing Compliance: To some extent, governments have now passed part of their policing functions to the commpanies, which have in place robust internal monitoring and reporting systems. Additionally, the debate on whether company's lawyers should keep an overriding loyalty to the client even though this means make non-compliance more difficult to detect or they should report illegal conducts to regulator is nowadays more focused on self-disclosing breaches and creating a close relationship with counsel; bSome misunderstandings may rise with regards to the concept of managers versus the company itself. For routine business matters, this distinction has no practical involvement but the difference turns bigger when allegations of criminal conduct are made: cThe Board and Senior Management: The implementation of SOX set up the standards for Corporate Bibliometric analysis of Banking Regulatory Compliance 50 Governance. Current boards of directors, specially the new empowered independent directors, are taking a more aggresive role in Compliance, by launching internal investigations and turning the results to the Government; and dWhistleblowing: The protection for whistleblowers has increased significantly in the last years, and retaliation can be a crime. Finally, the article “The ethics of advising on regulatory compliance: Autonomy or interdependence”, issued in Australia in 2000, assesses whether the incorporation of an ethical role in the compliance practice enhances the outputs of the activity and concludes that the traditional ethics of professional autonomy is an inadequate conceptualisation for compliance advisors for two main reasons: - It is an unrealistic conception of their daily work, as compliance professionals are dependent on their corporate clients. Compliance advisors are better served by an ethical ideal that recognises their intimate inter-relationship with their employers. The conception of compliance specialists counsels them to be committed to understanding and identifying with business goals in order to transform business with social and ethical concerns. This requires compliance advisors to be comitted to a professional integrity within internal structures that protect Independence, and nurtured by participation in an external network of compliance professionals, regulators and community groups. - The ethics of autonomy for compliance roles are not effective in institutionalising ethical and legal responsibility in organisations. Topic 7: The impact of risk management & corporate governance on regulatory compliance Table 20: Articles included into Topic 7 Title Publication Year The role of Investment Management Systems in regulatory compliance: a PostFinancial Crisis study of displacement mechanisms 2014 Corporate governance, growth opportunities, and the choices of cross-listings: The case of Chinese ADRs 2013 Formal and informal quota enforcement 2013 Theorizing the concept and role of assurance in information systems security 2013 The Determinants of Regulatory Compliance: An Analysis of Insider Trading Disclosures in Italy 2009 Corporate social responsibility and sustainability challenges for a bancassurance Company 2005 Evidence of regulatory noncompliance with SEC disclosure rules on auditor changes 1996 Source: Compiled by the author Bibliometric analysis of Banking Regulatory Compliance 51 Seven of the articles cover these topics, and four of them were published in 2013 and 2014. As per the most recent article, published in UK in 2014, the regulatory requirements are emphasizing the implementation of Investment Management Systems (IMS) in order to retire manual processes for conducting trading and therefore decrease the risk associated to this trading. The study seeks to confirm whether the automatization of processes through IMS displaces old compliance practices and institutionalize new ones. The following mechanisms were identified to categorize the social forces observed after the implementation of Investment Management Systems: Monitoring, as the system acts to ensure compliance by both constraining noncompliant and enabling compliant transactions; Segregation of duties, meeting the regulatory requirements of appropriate segregation of "doer" and "checker"; Automation, which ensures a more reliable result for trading and compliance; Consolidation, based on the creation of an aggregated core system removing disparate systems; Standardization, with the overall introduction of firm best practices and Sharing and Learning to refine new compliance practices. The final conclusions show that the IMS play a key role in complyng with regulatory obligations that can be met by applying quantitative restrictions to trade. However, nowadays there are nonquantitative factors that cannot be modelled through IMS, such as appropriate compliance behaviour. The expectation that the implementation of IMS will enable this behaviour is limited by counter mechanisms currently in place: use of manual processes, individuals resistant to full automation of trades and the lack of immediate readiness of the systems to regulatory changes. The article “Corporate governance, growth opportunities, and the choices of cross-listings: The case of Chinese ADRs”, issued in Australia in 2013, takes as hypothesis that the listing choices of American Depositary Receipts (ADRs) for Chinese firms are influenced by their growth opportunities and internal governance One advantage for a foreign firm to cross-list in the U.S. is that doing so offers a more stringent legal and regulatory environment in which investors have access to higher-quality information disclosure and governance standards. The study is based on the observation of five variables (Board size, percentage of independent directors, CEO duality, Insider ownership and ownership concentration) for a set of Chinese ADRs listed companies.The conclusions suggest that firms with lower growth opportunities tend to choose listing levels that require less regulation (Level 1), even though the capital-raising is more restricted.Companies with higher growth opportunities prefer cross-listing levels that entail full regulatory compliance but permit public offering ( Level 3). The article “Formal and informal quota enforcement” (Canada, 2013) studies the implications of policy change on compliance level, quota prices, and the norm of compliance. The conclusions are that the regulatory changes, such as tougher enforcement, make individuals more compliant, the norm of compliance is gradually strengthened, which in turn induces more compliant behavior. Bibliometric analysis of Banking Regulatory Compliance 52 In the text “Theorizing the concept and role of assurance in information systems security”, assurance is examined as an input for regulatory compliance. The Security Risk Management systems must be mature enough to assume the assurance provided as a compliance evidence. The paper “The Determinants of Regulatory Compliance: An Analysis of Insider Trading Disclosures in Italy” investigates the determinants of regulatory compliance in corporate organizations. The main conclusions are that the firms with a high degree of separation of ownership from control are most likely to comply with regulation, and board governance does not increase the propensity of firms to comply. Corporate ethos is also a key influence for the compliance predictability in companies. Before the financial crisis, the article “Corporate social responsibility and sustainability challenges for a bancassurance Company” was published in 2005 in Italy, which gathered the ideas expressed in the third Montepaschi Vita Forum and focused on the role of the “paradigms of value” in the bancassurance business. The values of a Company are defined and guaranteed by the Corporate Governance and Corporate Social Responsibility functions. As per the conclusions extracted from this forum, these two functions are evolving from a “philantropic” role to a strategic role within the companies to gain the trust of clients and other stakeholders. A cultural change is involved, transforming a “regulatory compliance” approach into a more proactive “regulatory compliance plus” approach. Finally, the paper “Evidence of regulatory noncompliance with SEC disclosure rules on auditor changes” suggests that breaches of compliance detected in the late filing of Form 8-K (which notifies a change of auditor) may be caused by the SEC expertise of the auditor (as Big 6 firms do not normally incur in this breach). The study concludes that the time to file the Form 8-K and the frequency of late filings increase significantly when non-Big 6 auditors are involved, and late filers are more likely to be smaller and financially distressed, and less likely to issue securities following the auditor change. Therefore, the breaches for late filing the Form 8-K is affected by factors other than competency between auditors. This article was issued in 1996, and the circumstances explained (Form 8-K to notify change of auditor filing time) may not be applicable nowadays. Topic 8: Others Table 21: Articles included into Topic 8 Title Publication Year Health-Care Security Strategies for Data Protection and Regulatory Compliance 2013 User participation in information systems security risk management 2010 Bibliometric analysis of Banking Regulatory Compliance 53 Title Publication Year The management implications of women's employment disadvantage in a femaledominated profession: A study of NHS nursing 2000 Source: Compiled by the author The article “Health-Care Security Strategies for Data Protection and Regulatory Compliance”, published in China in 2013, aims to establish a relationship between the operational maturity of hospitals and the impact of the IT security resources on breaches occurred and level of compliance through a regresion model based on a hospital survey on patient data safety. The model demonstrates that regulatory compliance significantly decreases breach occurrences only for operationally immature hospitals, and breach occurrences hurt perceived compliance only for operationally mature hospitals. The result further indicates that immature hospitals are motivated by meeting compliance mandates rather than actually protecting information. By contrast, operationally mature hospitals seem to be more otivated by actually protecting their patient data rather than fulfilling minimal regulatory requirements. The security resources impact positively in a mature organisation for compliance outcomes, but these outcomes are disminished in inmature firms. Both types of hospitals show a significant impact of security resources on breach occurrence. The study “User participation in information systems security risk management” states that Although the IS security literature has often cited users as the weak link in IS security due to user errors and negligence, the present study provides evidence that supports an opposing view. That is, business users were found to add value to IS security risk management when they participated in the prioritization, analysis, design, implementation, testing, and monitoring of user-related security controls within business processes. User participation raises organizational awareness of security risks and controls within business processes, which in turn contributes to more effective security control development and performance. The need for regulatory compliance may encourage user participation in SRM within targeted business processes. Security managers can harness regulatory compliance as an opportunity to engage users, raise organizational awareness of security, and better align security measures with business objectives. Finally, the article issued in 2000 in England analyses the management implications of womens employment disadvantage in a female-dominated profession. The study states the need to monitor employment equity beyond regulatory compliance and the need to implement effective employment strategy. Bibliometric analysis of Banking Regulatory Compliance 54 6. CONCLUSIONS As stated in the Introduction, the aim of this work is to gain knowledge of the regulatory compliance discipline applied to the banking industry and of the bibliometrics principles in order to perform an analysis over the existing literature related to banking compliance. a. Regulatory Compliance principles and current environment applied to banking industry Regulatory compliance is the set of procedures implemented by the organisations and companies to detect, manage and mitigate the risks associated with potential non-compliance of relevant internal and external laws, policies and regulations. Compliance affects to all type of organisations regardless their activity or size. However, the requirements are stronger for highly regulated sectors and big companies. The former compliance activities were traditionally performed by legal specialists. However, the discipline of regulatory compliance has acquired significant importance in the last years as a consequence of two factors: the exponential growth of the regulatory obligations and the inclusion of corporate penal responsibility for the companies without a proper compliance system. The current regulation defines a set of conditions to guarantee that the companies are properly managed in terms of regulatory compliance: there must be a compliance program in place which includes mínimum requirements, the control of compliance function must be performed by an internal autonomous organism and the companies must have adopted control measures to prevent financial crime or mitigate the risk of breach in advance to the crime comimission.In this case, the corporations may be exempted of penal liability. The structure of Compliance within the company may be either centralized, in which Compliance design and controls the activity for the whole organisation, or descentralized, through the integration of compliance controls in the different areas of the company with the overall supervisión of compliance specialists. Compliance services may also be outsorced to a specialist services provider. In SMEs companies, the compliance officer role may correspond to a management position. Note that, in all cases, these activities must remain subject to appropriate oversight by the head of compliance. This work has focused in the regulatory compliance discipline for the banking industry. In Europe, the main global setter for the prudential regulation of banks is the Basel Committee on Banking Supervision (BCBS). The main guidelines, responsibilities and principles to promote the compliance function within banks are included in the document “Compliance and the Compliance Function in Banks”, and includes responsibilities assigned to the bank, the board of directors and the senior management. The bank’s compliance function should be independent, reviewed periodically by internal audit, applied in all jurisdictions in which the bank conducts business. The compliance duties may be Bibliometric analysis of Banking Regulatory Compliance 61 A key part of the conclusions is the comparison between the outcomes obtained in the bibliometric analysis and the expected findings, as per the description of the current environment of the banking compliance. This section examines the degree of linkage between the current hot topics in the regulatory compliance discipline (regulatory updates and main challenges) and the conclusions of the articles published in bibliographic databases. In the first place, we have analysed to what extend the compulsory areas introduced in the current regulation have been pursued in the population of articles selected. Table 23: Inclusion of the current hot topics in the regulatory compliance literature Topics included in the current regulation No. Articles Observations Penal Risk associated to compliance 0 Definition and implementation of compliance programs 1 One article issued in 2000 in Australia covers this topic and raises questions on which professional role is better to fulfill this duty. Internal audit function 5 These articles show opposed perspectives on whether the use of innovative audit schemes are more effective than traditional randomly schemes to reinforce regulatory compliance. Source: Compiled by the author The second analysis relates to the inclusion in the articles of the challenges and main trends of the regulatory compliance applied to the banking industry that have been mentioned in section 2.3. The results are sumarized in the table below. Table 24: Inclusion of the challenges and main trends of compliance applied to the banking industry Challenges and main trends of banking regulatory compliance No. Articles Observations Corporate ethics 1 The article “The ethics of advising on regulatory compliance: Autonomy or interdependence?” is key because it is linked with several of the topics considered as new trends in compliance in the last years. Specifically related to ethics, it questions what professional role is more ethical to fulfill the compliance function. The current trend is moving from lawyer specialists, who consider the legal advisory activity on an isolated basis, to compliance practitioners, whose analysis take consideration of the whole business activity. The article considers that ethics is more integrated in this modern approach which cares for the benefits of the whole company, and which also identifies with ethical communities of other professionals, such as regulators and stakeholders. Operationalisation of compliance programs 1 The article “The ethics of advising on regulatory compliance: Autonomy or interdependence?” defines through the operationalisation of the compliance programmes their effective aplication to other areas of the organisation. Roles and background of compliance professionals 1 The article “The ethics of advising on regulatory compliance: Autonomy or interdependence?” establishes comparisons between the two current perspectives for this function. Bibliometric analysis of Banking Regulatory Compliance 62 Participation of the Board 2 The article “The determinants of Regulatory Compliance: An Analysis of Insider Trading disclosures in Italy”, published in 2009, exposed that a board governance – such as a chief executive and chairman dualitydoes not increase the propensity of firms to comply with regulation and, on the other hand, the companies with highly separated functions between the ownership and the control are more likely to be compliant. The article “Information asymmetry around operational risk announcements” states that the level of Independence of the Board infludes, among other factors in the level of information asymmetry produced after operational risk announcements. Cost of implementing a compliance system 10 The articles include studies for the cost optimization by defining integration capabilities in M&A processes to ensure a better compliance with the law with a reduction of compliance costs, qualifying as RRG (Risk Retention Group) to operate in multiple states, creating cost assessment techniques or new integrated performance metrics which include not only economic inputs, but also information related to the production of the company. To sum up, most of the topics mentioned as challenges and new trends of the regulatory compliance discipline were covered to some extent by the articles found in Web of Science. However there are some areas that have not been sufficiently considered, such as the introduction of penal risk for regulatory compliance breaches and their impact in the organisations, and the definition and implementation of real, effective and adapted compliance programmes into the businesses. The article “The ethics of advising on regulatory commpliance: Autonomy or interdependence?”, written by Parker C. and published by Journal of Business Ethics in 2000 in Australia, is key as it covers most of the topics that are on trend nowadays. The geographic distribution of the literature shows little interest for this discipline in Europe, and specifically in Spain, in comparison with the USA, despite existing a strong regulation over this function and the banking industry in general. Finally, the following predictions are based on the current status of the banking regulatory compliance and the observed articles and reflect my expectations on how this discipline will look like in the near future: - Top Management to asume an ethical leadership and promote the ethical culture across the organisation; not only based on their entrepreneurial commitment, but also to prevent unknown negligences thay could be under control in the past. - Increase of the standardisation of the compliance function across the companies, thanks to the descriptive regulation, the annual reviews over the compliance programmes and the Bibliometric analysis of Banking Regulatory Compliance 63 subsequent improvement, customization and assumption of the compliance programmes by the organisations. As a global conclusion, I consider that the targets defined at the beginning of this work have been fully meet, as an overview of the key notions of banking regulatory compliance were provided, including a thorough study of the current status of this discipline in Spain. The performance of a bibliometric study has shown new resources, techniques and investigation methods to get to know the available literature over a defined theme and the in-depth analysis of this literatura has contributed to the interpretation and categorization of the results obtained and to the extraction of aggregated conclusions and predictions related with the perspectives of banking regulatory compliance in the near future. REFERENCES  Aguiló, C. (25 March 2017). “Compliance”, algo está cambiando y ya no es cuestión de coincidencias. Expansión. Accessed on 25 March 2017, at http://www.expansion.com/juridico/opinion/2017/04/06/58e66c56ca4741622a8b45d9.html  Akula, J. L. (2000). 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Title Publication year Authors 1 The effects of regulatory compliance for small banks around crisis-based regulation 2016 Cyree KB 2 Informal sector, regulatory compliance, and leakage 2016 Baksi S Bose P 3 Does Regulatory Certification Affect the Information Content of Credit Ratings? 2016 Bruno V Cornaggia J 4 Regulatory performance of audit tournaments and compliance observability 2016 Cason TN Friesen L Gangadharan L 5 Environmental management systems and compliance at small and lightly regulated facilities: evidence from the New Hampshire hazardous waste program 2016 Stafford SL 6 Congressional Assertions of the Spending Power: Institutional Conflict and Regulatory Authority 2016 Yaver M 7 Does Basel compliance matter for bank performance? 2016 Ayadi R Ben Naceur S Casu B Quinn B 8 Firms' Emissions and Self-Reporting Under Competitive Audit Mechanisms 2015 Oestreich AM 9 Using competition to stimulate regulatory compliance: A tournament-based dynamic targeting mechanism 2015 Gilpatric SM Liu LR Vossler CA 10 The "Peter Pan Syndrome" in Emerging Markets: The Productivity-Transparency Trade-off in IT Adoption 2015 Sudhir K Talukdar D 11 Assessing the Impact of Sarbanes-Oxley Act on the Logistics Industry: An Exploratory Study 2014 Chandra A Srinivasan M 12 Information asymmetry around operational risk announcements 2014 Barakat A Chernobai A Wahrenburg M 13 The effect of ISO 14001 on environmental regulatory compliance in China 2014 McGuire W 14 Realized volatility models and alternative Value-at-Risk prediction strategies 2014 Louzis DP Refenes AP XanthopoulosSisinis S 15 An algorithm for collusion-resistant anonymization and fingerprinting of sensitive microdata 2014 Echizen I Kieseberg P Mulazzani M Schrittwieser S Weippl E 16 Cooperative bank efficiency in Japan: a parametric distance function analysis 2014 Glass JC McKillop DG Quinn B Wilson JOS 17 The role of Investment Management Systems in regulatory compliance: a Post-Financial Crisis study of displacement mechanisms 2014 Currie W Gozman D 18 Can corruption foster regulatory compliance? 2014 Mendez F 19 Theorizing the concept and role of assurance in information systems security 2013 Barki H Barton RR Spears JL