- City of London
What are the fundamental responsibilities of a Compliance Officer? As firms have to ensure there are appropriate policies and procedures to ensure compliance, and by default, detect any risk of failure to comply, it falls to the Compliance Officer to undertake two key tasks. These are, to paraphrase the Senior Management Arrangements, Systems and Control Handbook, to:
- Monitor and assess the adequacy and effectiveness of the control framework; and
- Advise and assist those responsible for ensuring compliance.
Monitoring then is key to fulfilling regulatory obligations and expectations. This is true in the current world and amplified under SMCR. For those firms facing SMCR in 2019, Compliance Monitoring should be seen as one of the senior manager’s best friends. Without a robust monitoring programme that tests what you’re doing and the outcomes achieved, how else can senior managers, with their newly codified responsibilities, take comfort that they are discharging their responsibilities diligently? That they are organizing and controlling their business responsibly and effectively? That they are genuinely treating their customers fairly?
This practical workshop will allow attendees to share their priorities, models and challenges in order to benchmark themselves against others. When run in-house it can be customized to focus on the challenges faced by firms in your own sector as well as generally across all FCA-regulated firms.
- Provide a foundation and framework for re-establishing the monitoring team’s organizational place and value within a SMCR regulated corporate governance model
- Benchmark your monitoring programme and framework against others and share good practice
- Consider the limitations and opportunities of your current monitoring team and build a more strategic plan to enhance capability and rigour
- Critical analysis of monitoring methods and metrics allowing you to better justify your activity through stronger rationales
- Assess your current arrangements from a regulator’s perspective
The Course Agenda
Regulatory update and the position of Compliance Monitoring
- Topical regulatory themes (current hot monitoring topics)
- Understanding what Compliance Monitoring is
- Influences on the future shape of compliance
Compliance risk management
- What responsibilities are expected of the compliance oversight function?
- How traditional compliance models may need to adapt different types of monitoring
Mapping compliance risk
- Mapping your firm’s compliance risk to its permissions, business model, the regulatory requirements and supervisory priorities.
- Using information to feed your assessment of compliance risk, compliance programme and resourcing, manuals, operating procedures and other risk mitigators
- A risk-based testing approach
Getting the compliance ‘dynamic’ right within your firm’s governance framework
- The role that compliance plays in the governance framework
- Linkages with other SIF / SMF functions
- Knowing and securing your position in the firm
Meet The Tutor
With over 20 years training experience in financial services, Stephen brings a range of experience across different sectors to this course. He is a former Head of Education for HSBC covering the UK and Europe, responsible for regulatory and financial crime related compliance learning.
Other roles include leading the UK Monitoring and Testing programme at Barclays Wealth, and responsibility for Global Risk & Compliance training at a US-based bank. Stephen also worked in the Insurance Firms division at the Financial Conduct Authority (in the FSA days) where he was the divisional expert for the rules and outcomes required under the Training & Competence handbook. Stephen won the Thomson Reuters award for “Most Effective Compliance Training at a Regulated Firm” in 2010.
Who is this course for?
It’s perfect for anyone who works in compliance including those who work in:
- Investment Management
- Senior Management
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Sessions are practical workshops not PowerPoint lectures. All courses are limited to no more than 14 attendees, so we’re able to explain concepts in the context of your business.