Webinar

Solid policies and procedures are the backbone of an effective compliance program, providing a framework for the consistent application of rules and requirements across the organization and third parties that the firm conducts business with.

But just having a library of policies isn't enough. The key is having policies and procedures that are clear, actionable, defensible, adhered to across the firm and consistently updated to keep pace with regulatory change. In the complex and volatile business environment that financial services firms are operating in, that goal is often easier said than done. 

There’s no question that fostering an ethical compliance culture is a regulatory imperative. Regulators and compliance experts have been talking about it for years. And while terms like culture of compliance and tone from the top are often used in discussion, maybe even to the point of cliché, it remains a real challenge for many firms to apply the concepts in a practical way.

The Monetary Authority of Singapore (“MAS”) recently updated its guidelines focusing on five high-level outcomes that financial institutions should achieve on individual accountability and conduct. The guidelines wants financial institutions to promote ethical behaviour, responsible risk-taking, accountability of senior managers and reinforcement of good conduct among staff and business.

Understanding the new the MAS guidelines is primordial for firms and senior managers to ensure accountability, improve ethical standards and governance to better protect consumers.

The SEC recently published a Risk Alert that provides an overview of certain compliance issues observed by the Office of Compliance Inspections and Examinations. The alert was created on the top of examinations of registered investment advisers, private equity and hedge fund manager examinations.