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Compliance (Part 2)

Compliance refers to a company following all applicable laws and regulations. An effective compliance program consists of policies, codes of conduct, procedures, training, auditing, and reporting mechanisms. The compliance function advises on risk reduction, develops controls, monitors effectiveness, provides advice on acceptable practices, and ensures awareness of regulatory changes. When carrying out these tasks, the compliance department collaborates with legal, risk, HR, and other departments. Compliance policies and statements form the foundation of any program by organizing and managing obligations under relevant laws like company, corruption, anti-money laundering, and tax laws.

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110 views43 pages

Compliance (Part 2)

Compliance refers to a company following all applicable laws and regulations. An effective compliance program consists of policies, codes of conduct, procedures, training, auditing, and reporting mechanisms. The compliance function advises on risk reduction, develops controls, monitors effectiveness, provides advice on acceptable practices, and ensures awareness of regulatory changes. When carrying out these tasks, the compliance department collaborates with legal, risk, HR, and other departments. Compliance policies and statements form the foundation of any program by organizing and managing obligations under relevant laws like company, corruption, anti-money laundering, and tax laws.

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brian shanny
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© © All Rights Reserved
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§ Compliance refers to a company complying with all applicable laws,

regulations, standards, contractual obligations and


requirements imposed by public authorities.
§ To ensure that a company complies with such relevant laws and
regulations, it should establish a compliance programme.  
§ should preferably consist of a policy, code(s) of conduct and
supporting procedures.
§ The compliance policy presents the company’s overarching
policy on compliance whereas the code(s) of conduct is
normally a more detailed manual designed to assist in
implementing the policy.
§ Supporting procedures include implementation tools such as training,
monitoring and auditing the compliance programme, reporting
mechanisms, and complaints handling procedures.
vThe compliance function should have a preventive, advisory and
supervisory role, with particular emphasis on:
►Facilitating the effective identification compliance with laws and regulations, as
well as providing advice on risk reduction measures.
►Developing and facilitating the implementation of internal controls that will
provide the organization with protection from compliance risk.
►Monitoring and reporting on the effectiveness of control measures.
►Providing the business with advice about acceptable behaviour and practices in
relation to the interpretation of external and internal rules.
►Monitoring relevant regulatory developments within the compliance function’s
areas of responsibility.
►Ensuring awareness and training.
╬ When performing the tasks above, the compliance function should cooperate
with other subject matter experts/departments, such as legal, risk, human
resources, quality management, internal control and internal audit.
╬ Compliance policy and procedure documents are the foundation of any
compliance program, both in terms of organization and management of the
program.
╬ Companies should also have a compliance policy statement.
╬ The policy statement would address the companies obligations under the
laws that are applicable to that business.
→Company Law.
→Corruption
→AML
→Tax
Policy development
►Standardize polices in form and format to avoid confusion.
►Ensure all the policy statements are short, declarative, and specific to a
single issue.
►Write the document in the active voice.
►Make documents user friendly to those that have to live by them.
►Make sure the policy does not conflict with other policy documents.
►Define all key terms used in the document.
►Cross reference all policies to similar ones.
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19600 compliance management system

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