Compliance Professionals

Financial Compliance Courses

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?

With all regulators shining a spotlight on non-financial risk, it is now more important than ever to ensure everyone who has an accountable role in an organisation is getting the right information about their responsibilities.

Aspiring to become a Responsible Manager?

Our Responsible Manager Fundamentals course is designed for aspiring responsible managers working for an AFS licensee.
Get the lowdown on what the Responsible Manager role entails and the industry regulations licensees must comply with.

Already a Responsible Manager needing CPD?
Our online CPD assists Responsible Managers in meeting their CPD obligation with new courses on topical issues released every year.
Our 2020 course brings essential insights not just for responsible managers but also for governance, risk and compliance leaders.

Want to equip others in your organisation?
Our Compliance Fundamentals course explains how Australian Financial Services licensing works, examines the main regulatory guides, and suggests real-world tools to use in your workplace.

What does the compliance department do?

Compliance personnel play a critical role in promoting a compliance culture in their organisation.

Compliance is responsible for overseeing the organisation’s activities to ensure that they are being conducted in accordance with regulatory requirements and with other voluntary codes to which the organisation subscribes.

Compliance provides guidance in relation to these regulations. Usually this includes development of policies, procedures, and guidelines designed to facilitate adherence to applicable laws and regulations. Compliance keeps all personnel informed on regulatory requirements and events. Compliance also performs a critical ongoing monitoring and surveillance of the business units and proactively reviews business activities for potential regulatory, compliance, and reputational risks.

Perhaps one of the most important aspects of Compliance is to develop and nurture the organisation’s relationship with the regulator. Organisations must interact with its regulators in an open and cooperative way. The relationship with the regulator can be greatly facilitated by clear evidence of a strong compliance culture.

Such a culture should not only facilitate regulatory relationships, but also enhance commercial relationships. Organisations associated with poor compliance, especially those who have been publicly censured by the regulator, may find this has a negative impact on its reputation.

“It takes twenty years to build a reputation and five minutes to destroy it.” (W. Buffet)

Compliance staff must be competent to undertake the activities for which they are responsible.