Why is there an increased focus on compliance in financial services?
Over the last two decades, compliance has become a fundamental component of financial services.
With a growing set of regulatory and operational compliance requirements, compliance managers are under increased pressure. Today compliance goes beyond regulation. Society demands rigorous standards of integrity in financial services and internal control. The compliance function is an integral part of the corporate governance structure, augmenting and strengthening other aspects of control and risk management.
Regulatory liabilities can be significant, so organisations look for ways to protect themselves as enforcement becomes more aggressive.
The ASIC Act directs ASIC to ‘take whatever action it can take, and is necessary, in order to enforce and give effect to the laws of the Commonwealth that confer functions and powers on it’.
ASIC uses its enforcement powers to detect and deal with unlawful conduct, to recover money in appropriate circumstances and sometimes to prevent unlawful conduct before it happens. ASIC responds to breaches of laws within its regulatory responsibility, ranging from minor regulatory offences through to serious misconduct
An examination of enforceable undertakings illustrates ASIC’s focus on the need for a culture of compliance.
ASIC “will take enforcement action against entities regardless of their size or reputation”
How does FEP support compliance professionals in financial services?
We provide a series of compliance courses exclusively tailored to compliance in financial services. They are designed to support Compliance Managers and Responsible Managers. These courses are also suitable for senior managers and middle managers who are in the “first line of defence”.
CPD for Compliance Professionals