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Posted: January 4th, 2025
(FSA, 2011) For the larger firms, the monetary value of such fine may be a drop in the ocean. Nevertheless, it may pose a major reputational risk.
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Compliance monitoring is, indeed, the heartbeat of any CF. The creation of compliance and policy manuals are important, however, such policy management might be irrelevant without an effective compliance monitoring. (ComplianceTrack, 2011) (Appendix)
The aim of this assignment is to briefly outline a framework for Compliance Monitoring Programme for a pan European Financial Services (FS) organisation. This I based on the material discussed in class, further research, as well as my personal experience with Compliance gained in Irish and international companies operating not only in the FS, but also in communications, hospitality and consultancy industries.
Compliance, with Compliance Monitoring at its core, is considered as the 2nd line of defence in the overall company Integrated Assurance Framework, also known as the Three Lines of Defence. (Appendix)
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BIS (2005:13) suggest there should be appropriate mechanisms for co-operation among all the above assurance providers within the Integrated Assurance Framework and with the head of compliance. These mechanisms should be sufficient to ensure that the head of compliance can perform his or her responsibilities effectively.
Hence, not all compliance responsibilities are necessarily carried out by a “compliance unit”. Compliance responsibilities may be exercised by staff in different departments. (Appendix1, 2) Such coordination with other assurance providers may lead to one of the three following review approaches (Zurich, 2010):
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1. Review execution is performed by another assurance provider (e.g. Internal audit performs an AML review). In this case, CF should support the assurance provider with technical expertise during execution of the review (e.g. support in setting up the review program).
2. Joint reviews. CF participates in a review led by another assurance provider. In this case only one report will be written by the assurance provider who has the review lead.
3. Compliance Reviews. If review types 1 or 2 are not feasible or adequate, CF performs an own Compliance review.
As might be expected, PWC research (2009:16) shows, that in practice the three lines of defence can and often do overlap, depending on the organisational compliance structure (e.g. ’embedded’ compliance staff in the business who undertake real-time surveillance of transactions to ensure compliance with AML, market abuse or client order handling rules).
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To resolve these confilicts, PWC recommends to put the CF squarely in the ‘advisory’ category (i.e. in the second line of defence). This means ‘operationalising’ the first line of defence where compliance control and day-to-day monitoring becomes more clearly the responsibility of the business, with the compliance function providing oversight and advice. (Appendix)
1. Risk Assessment
The monitoring is typically (Appendix) planned on risk-based basis as this approach enables resources to be targeted to the areas where they are most needed and will prove most effective, potentially not only saving compliance costs but also gaining greater business support for compliance measures. (Better Regulation, 2008)
1. Risk assessments, which can, for instance, be categorised by business areas or standards prescribed by regulator (e.g. FSA handbook categories)
2. Regulatory Environment: Laws, regulations, specific requests by the Regulator
3. Monitoring currently executed and planned in the future periods by other assurance providers
4. Local risk assessments and compliance plans
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2. Compliance Plan
3. Compliance Data Collection and Testing
The Compliance procedure manual tells you how to comply with the regulator’s rules. How do you, however, ensure that your company has been following this manual? The answer is by conducting compliance testing on a regular basis to see whether those procedures are working as expected, and what the exceptions are. (Cyriac, 2011)
Reasonable sample sizes when testing areas with a volume of data (e.g. trades) should be used. (Cyriac, 2011)
Compliance monitoring is meant to be both proactive and reactive. It should collect data to prove the availability of controls and validations and it should also collect data relating to failure. (ComplianceTrack, 2011; PWC, 2005)
The actual frequency of tests is dependant on the abovementioned risk assessments. As a general guideline, higher risk areas are recommended to be tested more regularly, at least monthly, medium risk areas, at least quarterly, and lower risk areas, at least annually. (Cyriac, 2011)
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Perhaps also part of a good MIS, complaint handling procedure should exist where all complaints are registered and tracked for regularly relevant compliance statistics (e. g. number of complaints, summary of major topics, actions taken, status, development needs).
To encourage employees to express concerns, an infrastructure for reports (often anonymous) should be in place (e.g. dedicated contact persons, hotlines, email address, web forms, etc.) and all staff informed and actively reminded of its existence.
Reported issues are investigated and acted upon in timely manner and reported to relevant stakeholders (e.g. number of complaints, major topics, status, channels used for reporting).
As business progressively manifests the right behaviour – embodying both integrity and innovation – the need for the CF to “police” its activities diminishes, and the value-adding “counsellor” role comes more to the fore. (Appendix?) (PWC, 2005)
Having a good relationship with the business is vital to the success of the compliance function, particularly when it comes to assessing the compliance risk of the business. Companies with a mature compliance culture tend to think of the compliance function as a vital element of business operations and no decisions on, for example, new business ventures or services would be taken without the involvement of the CF and its advice on all compliance risk areas. (Metheven, 2011)
At the same time, however, the pendulum should not be allowed to swing unreservedly in the “counsellor” direction. Compliance has a critical role to play in compliance oversight and monitoring in order not only to provide the necessary comfort to (senior) management but also to frame the advice it provides going forward. A clear delineation needs to be set between “doing compliance” and “monitoring compliance”.
Hence, CF should attend all committees where compliance risks may be discussed. Annual Relationship Management plan is a popular solution, outlining minimum required regular meetings with management to discuss potential risks, issues and new developments.
Changes in regulation, laws and industry should be monitored systematically. Where action is required, owner of the particular area should be advised of the matter and the deadline for implementation. CF should ensure the owner has all support needed (compliance, legal etc.) so the deadlines and requirements of the new regulation are met. As usual, it is important to keep all stakeholders informed.
Compliance officers increasingly appreciate the need for a coherent dialogue with regulators to gain a better understanding of their changing expectations and the need to monitor the upstream risks of new regulations more effectively. (PWC, 2009:4) To ensure no surprises, or last-minute scrambling and the
paid to monitoring new regulatory proposals. (PWC, 2009:9) How do we do it? UK monitor it, tell us about it, agree deadlines, help us to read the docs & ensure interpretation ok, bring directors into the loop,…
Reviews, investigations and requests from regulatory bodies should be received and analysed. CF must ensure timely resolutions of such requests, possibly also coordinating the whole process.
It is a good practice to share the results of the Regulator’s activities (e.g. regulatory review report including fines or sanctions where appropriate) and implementation progress (status of internal actions) with relevant stakeholders.
These activities can be measured (e.g. coverage, success rate, completed by deadline) and results used as indicators for next periods.
Important part of Compliance monitoring in organisations consisting of various units/branches is to ensure that CFs across the company execute their tasks according to the company principles. (Appendix)
This can be done by regular meetings of group CF with local CF units (e.g. one-to-one/joint, face-to-face/teleconference/online; discussing risks, activities, infrastructure), reporting (e.g. issues, risks, activities, KPI performance), periodic meetings with key local business stakeholders (e.g. satisfaction, cooperation, added-value, prioritization, resource), regular quality assurance reviews (carried out by CF and/or in cooperation with another assurance provider)
There are strong parallels in approach in terms of controlling third-party networks and outsourced functions or activities. (Appendix) Key control elements stressed by respondents include:
Priority should be placed on the development and use of technology able to help management to really understand, on a timely and consistent basis, what is going on in the business. From the perspective of the CF, a robust technological infrastructure entails both sophisticated tools for monitoring compliance in business activities, together with appropriate tools for streamlining compliance function activities, and facilitating knowledge sharing. (PWC, 2005:11)
The apparently low level of knowledge of IT within compliance functions supports the view that, in many organisations, the IT department is not considered to be a key stakeholder in the compliance function, and vice versa. However, PWC believe that technology is a key enabler to supporting compliance within the organisation, and presents a significant opportunity for many organisations.
Control and manage processes that cut across systems and organisational boundaries. Compliance touches nearly every operating and administrative unit and business process in an organisation so the task of controlling and managing the compliance process itself is huge. Each of these require appropriate application of technology in order to establish sustainable compliance. (e.g. document management, status reporting, automated internal controls)
the quality of data, modelling alternatives and delivering reports and dashboard information to decision makers. Reliable information increases confidence to take action.
• Identify and manage events in a consistent and auditable manner. Technology is used to identify events and report exceptions. This involves optimising control capabilities in existing business and support systems, use of integration technologies to bring together information from disparate source systems and administering and monitoring of risk and control self-assessments and other surveys.
4. Data Analysis
5. Reporting and Follow up
Reports to stakeholders (e.g. those charged with governance) on compliance monitoring and analysis need to present a balanced view of the situation, risks, issues, actions taken, highlighting both positive and constructive/developmental aspects, and proposing improvement actions.
6. Review
Without processes to judge program elements and implement necessary improvements, any compliance program will have difficulty staying efficient, effective and up to date. Well-developed routine monitoring and periodic assessment processes, with clear paths for communication of recommended changes, may be the best sign of a mature and effective management system. (OCEG, 2004:2)
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