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Comsure tips - The compliance function framework toolkit

29/04/2021

A firms 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
  3. Identifying,
  4. Measuring,
  5. Managing,
  6. Reporting and
  7. 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 and processes and systems aimed at managing risks overseen by Compliance Function (see Figure below).

A vital component of the Compliance Function framework is

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

The Compliance Function framework is

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

The Compliance Function framework

  1. 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
  2. Supports the 1st line of defence in implementing the changes as required.
Figure - Compliance Function framework

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