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Comsure tips - The compliance function framework toolkit


I am reposting a Comsure news update from April 2021 because it is a timely reminder, and the image [below] prides an excellent summary.

A firm Compliance function establishes and maintains an independent governing framework for managing.

  1. Regulatory Compliance,
  2. Financial Crime and
  3. Conduct Risks

The Compliance Function Framework

  1. Articulates the function's approach to risk management, which has a material impact on delivering the FIRM's strategy.
  2. Provides the process for risk management, including.
    • Identifying,
    • Measuring,
    • Managing,
    • Reporting and
    • Escalating

A FIRM's Compliance function framework includes:-

  1. The strategy,
  2. The compliance programme,
  3. An approach to sound risk-taking,
  4. Governing information – critical firm policies, e.g. the compliance policy
  5. A toolkit, processes, and systems aimed at managing risks overseen by Compliance Function (see Figure below).

A vital component of the Compliance Function framework is

  • Articulating the roles and responsibilities for managing Regulatory Compliance, Financial Crime and Conduct Risks.

The Compliance Function framework is

  • Underpinned by the capability of its employees and a sound Compliance Culture.

The Compliance Function Framework

  • Continuously assesses the possible impact of any changes in the legal or regulatory environment on the FIRM's activities and the Compliance Function framework and
  • Support the 1st line of defence in implementing the changes as required.

Figure - Compliance Function Framework

For more information on the above, please contact

Mathew Beale - Chartered FCSI

Principal (Director) - Comsure Compliance Limited,

No 1 Bond Street Chambers, St Helier, Jersey, Channel Islands, JE2 3NP

Direct Tel: +44 (0) 1534 626841 - Mobile Tel: +44 (0) 7797 747 490 - Skype: comsurecompliance

Originally posted 29/4/21 =


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