Until recently, compliance with consumer-protection regulations sounded like an arcane and achingly dull topic. Yet the recent surge in regulation and enforcement activity has made the subject hugely important. And the staggering size and scope of damages expected in pending lawsuits are anything but dull. /// Curiously, for all its troubles, the industry is overspending on its compliance programs. That is because its approach to managing compliance is, arguably, no longer relevant. This article explains why the industry's way of handling compliance risk is broken, who is making sure it gets fixed and how best to go about doing so. Black clouds