Comsure tips - The compliance function framework toolkit
A firms Compliance function establishes and maintains an independent governing framework for managing
- Regulatory Compliance,
- Financial Crime and
- Conduct Risks
The Compliance Function framework
- Articulates the function's approach to risk management, which has a material impact on delivering the FIRM's strategy.
- Provides the process for risk management, including
- Reporting and
A FIRM's Compliance function framework includes:
- The strategy,
- The compliance programme,
- An approach to sound risk-taking,
- Governing information – critical firm policies, e.g. the compliance policy
- A toolkit and 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
- Supports the 1st line of defence in implementing the changes as required.
Figure - Compliance Function framework
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