Compliance function

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Compliance Risk Management Programs and Oversight at Large Banking Organizations with Complex Compliance Profiles

FRB expectations regarding independent firm-wide compliance risk management and oversight in large complex firms

US Federal Reserve Board guidance on firm-wide compliance functions. Firm-wide compliance functions manage compliance risk within and across business lines, support units, legal entities and jurisdictions of operation. Considered of particular importance for areas such as anti-money laundering, privacy, affiliate transactions and conflicts of interest. Firm-wide compliance risk management should be based on a formalized compliance program that is documented in policies, procedures and compliance risk management standards. Sets out expectations for the independence of the corporate compliance function, for compliance monitoring and testing, and corporate governance arrangements.

Publisher: National Regulators Release date: Feb 2021 Country: United States

Type: Guideline

Parent: Compliance and the Compliance Function in Banks

Topics: Compliance function, Corporate governance, Systemically important financial institutions (SIFIs)

Sectors: Banking

Insurance Core Principles and Common Framework for the Supervision of Internationally Active Insurance Group

IAIS internationally agreed standard for regulation and supervision of the insurance sector

International Association of Insurance Supervisors revisions to Insurance Core Principles.

Publisher: Global Standard-Setting Bodies Release date: Nov 2019

Type: Standard

Topics: Supervisory framework, Corporate governance, Licensing, Risk management, Compliance function, Cross-border cooperation

Sectors: Insurance

Shariah Compliance Function

AAOIFI standard for creating and managing a Shariah compliance function

Accounting and Auditing Organization for Islamic Financial Institutions standard provides guidance for establishing and managing a robust Shariah compliance function within Islamic Financial Institutions (IFIs) and for standardizing the practices across the globe. Includes guidelines on establishing the Shariah compliance function with regard to the responsibilities and key considerations, along with the internal controls and processes within IFIs. Also details structure, scope and functioning of a Shariah compliance department, key functions and reporting lines.

Publisher: International Organizations Release date: Nov 2018

Type: Consultative, discussion and issues paper

Topics: Islamic finance, Compliance function

Sectors: Banking, Insurance, Securities

Digital Regulatory Reporting

FCA feedback statement on call for input

UK Financial Conduct Authority feedback statement: i) summarizes feedback received from call for input; ii) sets out FCA's response to feedback received; and iii) sets out the next steps.

Publisher: National Regulators Release date: Oct 2018 Country: United Kingdom

Type: Consultative, discussion and issues paper

Peer: Using Technology to Achieve Smarter Regulatory Reporting

Topics: Compliance function, FinTech

Sectors: Banking, Insurance, Pensions, Securities

Prudential Practice Guide on Risk Management

APRA sound practice outlines prudent practices related to risk management

Australian Prudential Regulation Authority sound practice assists APRA-regulated institutions in complying with its Prudential Standard on Risk Management and outlines prudent practices in relation to risk management. Discusses: i) risk governance; ii) risk management culture; iii) risk management framework; iv) risk appetite; and v) risk management strategy.

Publisher: National Regulators Release date: Apr 2018 Country: Australia

Type: Sound Practice

Topics: Risk management, Corporate governance, Compliance function

Sectors: Banking, Insurance

Using Technology to Achieve Smarter Regulatory Reporting

FCA consultation on using technology for more efficient regulation

UK Financial Conduct Authority consultation on how technology can make it easier for firms to meet their regulatory reporting requirements and improve the quality of the information they provide. Examines re-shaping current regulatory processes and systems.

Publisher: National Regulators Release date: Feb 2018 Country: United Kingdom

Type: Consultative, discussion and issues paper

Peer: Digital Regulatory Reporting

Topics: Compliance function, FinTech

Sectors: Banking, Insurance, Pensions, Securities

ESMA Alert on Involvement in Initial Coin Offerings (ICOs) and Need to Meet Regulatory Requirements

ESMA statement alerts firms involved with ICOs of the need to comply with relevant EU legislation

European Securities and Markets Authority statement draws attention of firms involved in Initial Coin Offerings (ICOs), means by which to raise funds for new cryptocurrency schemes, to the fact that they may be engaged in regulated activities. Provides a high-level overview of key European Union legislation that may apply.

Publisher: Regional Standard-Setting Bodies Release date: Nov 2017

Type: Consultative, discussion and issues paper

Peer: ESMA Alert on the High Risks of Initial Coin Offerings (ICOs)

Topics: FinTech, Compliance function

Sectors: Securities

Regulatory Sandboxes

TC note on the use of regulatory sandboxes as a means to pilot financial inclusion

Toronto Centre note explains key concept underlying regulatory sandboxes and highlights recent developments worldwide in their use for testing financial innovations that may not adhere neatly to existing regulatory frameworks. It discusses possible sandbox objectives, different sandbox operating models, and potential benefits and risks. It seeks to help authorities to identify issues that need to be taken into consideration when making decisions on creating, designing and operating a regulatory sandbox.

Publisher: Toronto Centre Release date: Oct 2017

Type: TC Notes

Topics: Financial inclusion, Compliance function, Operational risk, Transparency and disclosure, FinTech

Sectors: Securities, Insurance

Regulatory Sandbox Lessons Learned Report

FCA report on insights and lessons learned on testing the regulatory sandbox launched in June 2016

UK Financial Conduct Authority report assesses extent to which the regulatory sandbox has met its objectives. Report: i) explains how the sandbox operates; ii) discusses impact on the market and insights from the first year of testing; and iii) explains limitations firms have faced when testing in the sandbox.

Publisher: National Regulators Release date: Oct 2017 Country: United Kingdom

Type: Implementation

Topics: Financial inclusion, Financial market infrastructure, Compliance function, Transparency and disclosure

Sectors: Banking, Insurance, Pensions, Securities

Technology: New Challenges and Tools for Financial Supervision

TC Spanish-language webcast on the transformative effect of technology on the financial services industry and supervision

Toronto Centre Spanish-language webcast focuses on how technological innovation is transforming the financial services industry and its supervision. Discusses how the development of digital financial services is advancing the financial inclusion objectives through creating new challenges and new sources of risks, and how technology is bringing new tools that support the monitoring of risks and compliance work carried out by supervisors.

Publisher: Toronto Centre Release date: Oct 2017

Type: TC Videos

Topics: Operational risk, Risk management, Compliance function, Supervisory framework

Sectors: Banking, Insurance, Microfinance, Microinsurance, Pensions, Securities

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Resources

382 records

Compliance Risk Management Programs and Oversight at Large Banking Organizations with Complex Compliance Profiles

Insurance Core Principles and Common Framework for the Supervision of Internationally Active Insurance Group

Shariah Compliance Function

Digital Regulatory Reporting

Prudential Practice Guide on Risk Management

Using Technology to Achieve Smarter Regulatory Reporting

ESMA Alert on Involvement in Initial Coin Offerings (ICOs) and Need to Meet Regulatory Requirements

Regulatory Sandboxes

Regulatory Sandbox Lessons Learned Report

Technology: New Challenges and Tools for Financial Supervision

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