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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

For more information on the above, please contact us on

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.  

news disclaimer -

As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.