Compliance framework for regulated financial services firms. Specification
Compliance framework for regulated financial services firms. Specification
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What is this standard about? Compliance failures pose a serious risk to both financial services firms and their investors. This standard sets out a framework for managing regulatory compliance. Financial service departments which meet its requirements can operate with confidence in the knowledge that they’re using a set of best-practice systems and controls. Who is this standard for?
Compliance officers and managers Heads of regulation and compliance Anti-money-laundering reporting officers Senior management Government officials dealing with compliance
Why should you use this standard? It specifies established good practice and processes for operating an effective compliance programme to help firms meet their regulatory obligations. It allows financial service firms to:
Avoid misconduct and deter criminal liabilities Benchmark against a recognized framework Identify opportunities to improve professionalism Provide recognition of compliance policies and procedures Demonstrate a commitment to compliance culture
The standard offers practical advice and guidelines to help firms foster a compliance culture from the top down; ensuring management and staff contribute to the implementation of a reliable, robust compliance function. It looks at undertaking risk assessments, implementing the right policies and procedures to monitor compliance, as well as internal and external reporting. By complying with this framework, users will meet regulatory obligations more easily and be able to enforce a proactive approach to training and compliance in general. The standard applies across the whole regulated sector (wholesale, retail, investment, etc).
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