If the first stage of a pragmatic Know Your Obligations strategy is deconstructing and understanding compliance obligations to define where you need to keep your focus, the next step is mapping policies, procedures and controls to performance indicators to be able to accurately assure compliance.
Essentially, at this stage, we need to answer the question: What do we actually need to monitor?
Insider trading cases have seen a variety of sentences over the years. However, some jurisdictions have recently increased their focus on these cases, seeing more convictions and higher sentences. Blackout periods are a critical component of any public company’s trading policy to minimise the risk of insider trading occurring.
Regulations, frameworks, policies and controls define the day-to-day of the Chief Compliance Officer (CCO) and their teams. It’s fair to say that it is an important yet often troublesome undertaking to make sense of what can often be described as monitoring spaghetti. At the same time, the teams also need to ensure they are keeping senior execs and the Front Office engaged and compliant.
So how can the CCO set regulatory priorities, identify policy and procedure gaps and understand compliance obligations?
At a recent compliance round-table event in Hong Kong, compliance experts, executives, and chief compliance officers shared their firms’ challenges in keeping pace with regulatory change within the financial sector. They also discussed the increasing demands placed upon compliance teams, emerging opportunities, and the role of technology in more effectively managing regulatory risk and upholding compliance obligations.
The countdown is on! With July 2023 coming up fast, is your firm prepared for the UK Financial Conduct Authority's new Consumer Duty?
As the final deadline rapidly approaches, the FCA continues to release guidance to firms. In May the agency posted a multi-firm review of where Consumer Duty implementation plans stand to date and Dear CEO Letters with guidance specific to industry sectors. In June, with just one month to go, the agency provided a list of ten questions that firms should be asking themselves to ensure they are on track and making the most of the remaining time.
