Erik Shumar

Erik is a trilingual professional with more than 21 years of experience advising global financial institutions on a wide range of regulatory, compliance, and operational matters, including enterprise risk management, regulatory compliance, corporate compliance, and operations.

My passion is assisting clients with managing the regulatory compliance spectrum from end to end, including the assessment and incorporation of regulatory change.”

About Erik

Erik’s expertise lies in banking, capital markets, internal audits, enterprise risk, operational compliance, and global regulatory change management, such as laws, rules, and regulations (LRRs). Erik has worked for over 21 years within the financial services industry to make various system, process, and control improvements to achieve greater efficiency and to better align operational objectives with evolving regulatory expectations across the three lines of defense model.

Erik’s compliance experience includes the Bank Secrecy Act (BSA), anti-money laundering (AML), European anti-money laundering directives (AMLD), Know Your Customer (KYC), General Data Protection Regulation (GDPR), the Securities Exchange Act (SEA), Dodd-Frank, Basel III Endgame (B3E), cybersecurity, and the Federal Reserve Bank’s alphabet regulations.

Throughout his career, Erik has:

• Overseen global coordination and workstream production, as well as policy, procedure, and control mapping for regulatory change management projects at 18 global financial institutions.
• Led numerous in-depth projects for domestic and international financial institutions, performing audit-led compliance gap assessments and benchmarking regarding capital markets (SEA, Investment Advisers Act) and banking — such as the Fair Credit Reporting Act (FCRA), the Equal Credit Opportunity Act (ECOA), the Home Mortgage Disclosure Act (HMDA), the Truth in Lending Act (TILA), fair lending laws, and the Community Reinvestment Act (CRA), among others.
• Directed compliance gap assessments for culture and conduct at multinational retail conglomerates as well as for sales practices and incentive programs at several large financial institutions.
• Managed several capital markets engagements focused on data analytics to improve efficiencies and compliance.

Prior to joining Huron, Erik worked for 11 years at a variety of financial institutions and served for the last 10 years as a managing director at KPMG. He has experience leading global teams across the three lines of defense model, including developing and implementing various compliance programs, risk assessments, monitoring and testing plans, and regulatory change processes. He has served as project manager with responsibility for the planning, budgeting, execution, and delivery of various compliance gap assessments (including remediation) and internal audit projects. He has also provided subject matter expertise as a consultant for the financial service industry’s prudential regulators and as a professor at Columbia University.