| Abstrakt: |
This paper examines aspects of the role of the compliance department and the compliance officer, in the context of a range of control functions, in firms subject to financial services regulation. The issues and recommendations have global application beyond the UK. The traditional expectation is that the compliance operation advises senior management on the various regulations, and monitors and report adherence to regulatory requirements. However, this paper proposes that the compliance function needs to go further and venture beyond what some may consider its more conventional roles. Additionally, this paper questions the extent boards and regulators can place reliance on the compliance functions and the compliance officer. This will depend on a number of factors including the compliance units’ ‘authority’ within the business, their professionalism, and their ethical attitudes set within the context of the firm’s own cultures. |
