Senior Management Arrangements, Systems and Controls in the regulator’s handbook sets out responsibility that a Compliance Officer has is to monitor, and on a regular basis, assess the adequacy and effectiveness of the measures and procedures put in place by Senior Management to ensure compliance with the relevant rules and regulations.
Senior Management and the Board of the organisation will place a heavy reliance on the Compliance Officer to provide them with either comfort that the compliance arrangements are adequate and effective or bring to their attention serious weaknesses that could result in compliance failures.
To achieve this the Compliance Officer is expected to develop a risk based Compliance Monitoring Programme (CMP) which details the various tests that the compliance function will complete and the frequency with which each test will be carried.
Completion of the CMP is a yardstick that will be used by senior management and the regulator to measure the effectiveness of the compliance function. It is therefore imperative that Compliance Officers, and indeed senior managers, understand what best practice is for the development of a CMP. While the compliance function and the CMP may differ greatly from one organisation to another, this course will go through the steps that should be followed to produce a risk based CMP that will be acceptable to Senior Management, the Board and the regulator.
By attending this session you will be able to
- Describe the link between the FCA Statutory Objectives, senior management, the compliance function and the CMP
- Be clear on the need to comply with the Code of Conduct
- Understand the relationship between the organisations risk map and the CMP
- Explain the steps taken to produce a risk based CMP
- Use the CMP to consider resource requirements and produce a budget for the compliance function
- Consider enforcement action against firms and individuals
- How the FCA Objectives; High level principles and the obligations on Senior Management are indelibly linked to the production of the CMP
- The responsibility on senior managers for systems & controls
- The responsibility as a Significant Management Function (SIF)
- Why a CMP?
- The knowledge and skills required to produce a risk based CMP
- CMP linked to the risk map
- Steps toward the production of a risk based CMP
- Resource and skills assessment
- Further development to assist in producing a budget for the compliance function
- Regulator’s enforcement action
Course aimed at: This session will benefit individuals who are involved in or responsible for, the development and sign off of the Compliance Monitoring Programme. The course will be of particular interest to senior managers, Compliance Officers and internal audit.
This course can be delivered onsite or as an instructor lead course at a firm’s office.
If you would like to discuss your training requirements in more detail please contact Graham Dix on +44 (0)20 7484 3987 or your usual ACA consultant.