Detailed Report: Research and Complying with Regulatory Requirements

This report delves into the critical aspects of regulatory compliance, offering a comprehensive overview of the procedures for ensuring consistent evaluation of operational non-compliance. It outlines the benefits of consistent evaluation, emphasizing the importance of adapting to legislative changes and regulatory requirements. The report details strategies for staying updated with legislative changes, including utilizing newsletters, seminars, and internal procedure reviews. Furthermore, it covers steps to keep staff informed about changes, highlighting the role of compliance officers and the importance of documentation for compliance management and continuous improvement. The report also specifies the necessary documentation used for compliance, such as identity proof, address proof, and proof of payment. Overall, the report provides a practical guide for organizations to navigate and maintain regulatory compliance effectively.

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RESEARCH AND COMPLY WITH REGULATORY REQUIREMENTS
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1. Procedure for ensuring consistent evaluation of the operational non-compliance
In the first place, the organisations have to understand how the compliance management
system fits in to the scope of the current goals as well as operations of the organisation. After
that, the organisational leaders have to clearly state out the compliance requirements of the
stakeholder groups. After that the organisation has to implement a proper compliance
management system. The interested parties as well as internal stakeholders have to be provided
with the list of the dos and don’ts so that they do not engage in to any act of non-compliance. In
case if some of the employees are not able to understand how to comply by the standards of the
compliance framework they would still be simply following the dos and don’ts highlighted by
the organisation and thereby then can avoid actions of non-compliance.
After the organisational members understand the complementary actions related to non
compliance, the organization needs to implement governance principles as well as a well
dedicated compliance policy. This policy will lay out the penalties that the organisational
members might have to endure if they do indulge in to actions of non compliance.
The next step in the process is establishment of the accountabilities and responsibilities of
the employees. This is needed in order to ascertain that the system for compliance management
that has been implemented in the organisation receives full support from the end of the
employees. The next step is for conceptualization by the internal management regarding how the
compliance management framework is actually going to work for the organisation (Bell et al.
2016). This will be followed by the development of an evaluation policy for the evaluation of
program performance and compliance reporting. In order to ensure proper reporting of

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compliance and non compliance, an exhaustive list of some recommended performance metrics
as well as data have to be tracked.
2. Benefits of consistent evaluation in implementing requisite modifications
Under the compliance framework, the organisation always has the scope for including or
excluding any new or existing regulations. That is why; the organisations have the liberty of
keeping in track the imposition of any new regulatory updates. In order to do that the
organisational leaders have to keep track of the regulatory publications, national as well as local
media publications as well as information from sources like industrial associations.
The procedure for non compliance incorporates scope for regulatory taxonomy. When the
organisation is a global workforce, they need to deal with the organisational inconsistencies in
their cross country regulations as well as multiple business operations. This is why; the
implementation of the standard taxonomy for regulation in sync with the organisational hierarchy
in terms of language, structure as well as terminology will help in processing communication
with the stakeholders which will make it easier to implement changes within a robust framework
of compliance (Elgammal et al. 2016). Additionally, the organisation is benefitted by having it
easier to categorize, deliver as well as store regulatory updates. They do not need to modify the
intrinsic regulatory framework frequently, as well as alternate the linkages that have been
established within the system.
After modification of compliance standards, it is very necessary that the accountability of
the employees is ensured. For that purpose, under the evaluation framework, it is necessary that
the roles as well as responsibilities of the individuals managing compliance function are depicted
clearly.

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3. Steps of staying up to date with legislative changes and regulatory requirements for
ensuring compliance
There are several strategies that an organisation can follow in order to remain updated
with the changes in legislation as well as the regulatory frameworks. The first step is to enroll for
the newsletters with updates from the legislators (that is the law firms, regulatory bodies as well
as others). This will be helpful in enabling the organisational leaders to understand whenever
new regulations concerning the company are implemented.
Secondly, the organisational leaders need to participate in seminars, conferences as well
as web trainings that is able to inform the company regarding how the regulations can be
implemented. In case, if this is not possible, the organisations can read out the summaries
developed by the professionals. This can also be useful as they can prepare a summary by
themselves. The organisation can highlight the items like requirements, deadlines, penalties as
well as concerned parties. After that the organisations need to check their internal procedures and
analyze how the organisation can introduce new requirements in to the currently existing
procedures. The content of the legal frameworks can be helpful in providing critical guidance,
particularly on the segments which enumerate the necessary requirements (Awad, Sakr and
Elgammal 2015).
In the latter stage, the staff line has to be informed regarding the latest legal requirements
and thereby refresh their knowledge base. It requires mention here that compliance is a
responsibility of the management of the board of directors as well as the compliance officer.
Every stakeholder associated with the compliance management sector of the organisation must
be constantly alert so that they are able to report any transaction which involves suspicious

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money laundering as well as actions that can be considered as financing terrorism in the internal
atmosphere of the workplaces. In order to facilitate the process of compliance management as
well as evaluation of the non-compliance, the compliance management body of the organization
should be having a copy of the database with all the necessary regulations that is relevant to the
organisation and along with that the organisation also needs to register the dates of approval
adjacently and lastly the status of implementation of the same regulation within the company.
Keeping an excel sheet with the KYC files of all major clients can be helpful in ensuring if the
regulatory policies of the organisation is updated.
4. Steps to keep staff up to date with relevant information for changes
In order to keep the staff updated with the regulatory changes in compliance, the
following strategies are supposed to be most effective. Firstly it is the responsibility of the
compliance officer to inform the clients as well as the internal stakeholders about the new legal
criteria and make it clear that the act of respecting law is not optional. Rather, it is the common
interest of all of the organisational members to establish the deadline within which the non-
collaborative clients can ensure the compliance with the regulatory standards (Elgammal et al.
2016). The organisational management should properly document every compliance requirement
and keep a track of all that is needed to be done. The employees as well as the entire client base
of the organisation should be informed about the progress of the compliance work in regard to
the compliance.
Most important strategy in this context will be to appoint one compliance officer. If it is not
possible, an individual is needed to be placed in charge of the compliance operations of the
organisations and he or she is needed to be appropriately trained in order to make sure that the

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compliance needs of the organisation are satisfied. Nevertheless, when there is any urgent
necessity, the organisation can employ professional advisers in this sector for short term.
However, it will be bringing the organisation long term profits and ensure the comfort of healthy
continuation of the business of the organisation.
5. Documentation used for compliance management and continuous improvement
The organisational members are supposed to send all the required compliance documents
(properly signed as well as filed) that are necessary for identification as well as verification of
the procedures with the compliance department (Hashmi, Governatori and Wynn 2016). This is
generally supposed to be completed within 24 hours of funding with the trading account. The
documents that are needed to be filed are as follows:
 Identity proof which can be any government issued identification card. However, it is to
be made sure that the information in the scanned copy of the document is properly
visible.
 The second is the address proof which can be a valid bill of electricity, water or gas
Supply Corporation. The bill should be at the most 3 months old. If the trader or the
compliant is not holding any bill against his name, then he or she can also fill out the
form for declaration of address.
 The next compliance document is the proof of payment, under which the scanned copies
of the front as well as rear sides of the credit card or any other transaction proof bearing
document should be submitted. It has to be ensured that first twelve digits of the credit
card are hidden and the CVV at the rear side of the card is also hidden. However, in order

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to ensure ownership, the organisation collecting the document needs to make sure there is
full signature at the back side of the scanned documents.
 The last step is the deposition of the confirmation form. The form can be downloaded on
most occasions from the official website of the organisation. Most importantly, the credit
as well as transaction information have to be diligently provided by the organisation and
there should be the sign of the applicant also.

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Reference List
Awad, A., Sakr, S. and Elgammal, A., 2015, April. Compliance monitoring as a service:
Requirements, architecture and implementation. In 2015 International Conference on Cloud
Computing (ICCC) (pp. 1-7). IEEE.
Bell, W., Kaufman, L.A., Krajewski, W.J., McGillicuddy, J.J., Scanlon Jr, P.A., Dey, A., Fanse,
S.A., Nagaraj, G.H., Rai, S., Sundaramurthy, S. and Chahil, G., 2016. Systems and methods for
automated data privacy compliance. U.S. Patent 9,507,960.
Elgammal, A., Turetken, O., van den Heuvel, W.J. and Papazoglou, M., 2016. Formalizing and
appling compliance patterns for business process compliance. Software & Systems
Modeling, 15(1), pp.119-146.
Hashmi, M., Governatori, G. and Wynn, M.T., 2016. Normative requirements for regulatory
compliance: An abstract formal framework. Information Systems Frontiers, 18(3), pp.429-455.