THE NEED FOR
The ever-increasing demands of corporate governance, risk management and regulatory compliance have dramatically changed today's business environment.
Business models have evolved to meet the challenges of higher compliance standards with a specific focus on client fairness, transparency and accountability.
In terms of legislation, all authorised Financial Services Providers are required to develop, implement and maintain a comprehensive compliance framework.
The essential elements of an effective compliance framework are leadership, risk assessment, internal standards, control procedures, training, communication and oversight.
To achieve this, FSP's have turned to Compliance Officers for guidance and assistance. Compliance Officers are no longer viewed as a legislative requirement but as a tool to achieve business excellence.