Compliance in Finance Sector - Report

Added on - 28 May 2020

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Running Head: Compliance in Finance SectorCompliance in FinanceSector
Compliance in Finance Sector1ContentsIntroduction.................................................................................................................................................3Importance of Compliance..........................................................................................................................4Current Concerns and Issues...................................................................................................................4Impediments and constraints to effective implementation........................................................................6Measures to Effective Compliance..........................................................................................................7Principles of Risk Management...................................................................................................................7Compliance Vulnerabilities......................................................................................................................8Risk Mitigation.........................................................................................................................................9Quality Compliance Monitoring Program....................................................................................................9To Organize Short Term Training...............................................................................................................10Elements of a Successful Program.........................................................................................................11Measuring Effective Compliance...........................................................................................................12Conclusion.................................................................................................................................................12Bibliography...............................................................................................................................................13
Compliance in Finance Sector2IntroductionOrganizations are always looking for growth. They are always striving to be sustainable in thegrowing world. Hence, the organizationsneeds to go through some major disciplines due towhich the work ethics, productivity, employee satisfaction and such characteristics aremaintained in the organization. Once this is done, organizations tend to grow. Such type ofdisciplinary regulations is known as the regulatory compliances. Compliance means imbibingsome new regulations or policies in the system. Regulatory compliance is something whichdrives an organization to achieve its goal by complying with the new policies and procedures.Compliance can also be seen as the guidelines or policies that are already imbibed in the system,are still working good for the organizations to grow1. In this report, the importance ofcompliance, its constraints to effective implementation, principles and framework and how it canbe monitored is discussed.1Petra, Benedek, ‘Compliance Management – a New Response to Legal and Business Challenges’ (2012) 9(3)ActaPolytechnicaHungarica136
Compliance in Finance Sector3Importance of ComplianceIn a few recent years, there have been a lot of times when an organization lost its glory due to thecorporate scandals or unethical issues. Hence the organizations need to have a strong hold oncompliance. Non compliance can be very devastating and can cause very severe damage to thesystem. When recently a few organizations faced the big drop because of getting into all thescandals, compliance has become a very important point of discussion in the boardroom of everyorganization2. Hence, it should be a part of an organization for day to day basis so that theorganization can be sure of the local as well as the international regulations and abide with them.Compliance also helps the employee to be goal oriented and keeps them motivated all the time aswell as a good behavior is also expected from them in order to be in the company.Current Concerns and IssuesThere are several concerns due to which compliance is very much needed in any organization.Managing a dynamic IT environment: It has developed a lot in these few recent years. Ithelps to manage the data of an organization and helps in transferring the data in seconds.A few technologies like cloud computing and mobility, which makes the data easy toaccess from anywhere and by anyone, has led the securities and exchange department toagain issue the compliance policies for IT3.2Allenovery,The increasing importance of compliance (21 April 2015)http://www.allenovery.com/publications/en-gb/Pages/The-increasing-importance-of-compliance.aspx3Leary, M, Jennifer,Keeping Your Company Safe: The Top 5 Compliance Issues Trending Now(2017)<http://www.corporatecomplianceinsights.com/keeping-your-company-safe-the-top-5-corporate-compliance-issues-trending-now/>
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