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More
and more emphasis is being placed on senior management
being aware of, involved in and being accountable
for the compliance of regulated firms. That means
that senior managers need to have management information
on compliance issues, and also for such information
to be provided on a risk assessed basis. This can
often take the format of formal reports but can
also include senior manager briefings to summarise
key regulatory issues impacting
on the business either currently or in the future.
There is also an increased
need to show the independence of the compliance
function to avoid conflicts with day to day management
of the company. Compliance needs to be identified
as part of the organisation, and to be seen as
a benefit not a detriment. So the compliance function
does need to work with
the business to ensure a compliant culture exists.
However it also needs to ensure it considers compliance
with the rules independently from day to day management
to ensure that conflicts of interest don’t
occur.
Gem Compliance can assist
you to ensure that the compliance function can
evidence overall independence from management
issues and provide such management reporting and
information from an independent standpoint. We
can give your firm guidance on the type of management
information your senior managers should expect,
and what is the most effective way of providing
this information. We can also deliver managers
briefing sessions and provide an independent focus
to current compliance issues that your company
is facing.
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