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”.
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.