Overview
This course has been designed to provide with the knowledge and skills needed to understand and support regulatory compliance & enterprise wide risk management. Also, to promote best practices and international standards that align with business and regulatory requirements.
Who should attend
- Compliance Officers/Managers and their Deputies
- Managers with responsibility for internal compliance controls
- Risk Managers
- Internal Audit Staff
- Regulatory Representatives
- AML Officers
- Accountants
- Lawyers
Course Objectives
The training course is designed to enable you to:
- Understand the objectives of regulation, the different focuses of regulation and
the different types of regulation - Understand the role of the regulator
- Understand compliance principles, corporate governance and anti-money laundering
concepts; thus, strengthening your bank’s ability to respond professionally to the
regulatory requirements. - Understand the major facets of Compliance and the national and international efforts being made to manage the risk related to it
- Obtain information to build and implement compliance programs to fight money laundering practices, and to apply Corporate Governance rules.
- Identify and understand compliance risks, and the consequences of noncompliance.
- Understand and strengthen the relationship between Compliance and Corporate Governance.
- Understand some of the other “hot spots” in Financial Crime –and how to prevent it.
Course Format
A combination of:
- Facilitated Discussions
- Slide Presentations
- Case Studies
- Examples
Course Outcome
- Understanding the importance of governance, risk and compliance
- Ethics, integrity and organisational risk culture
- Understanding the complete regulatory environment
- Know your regulator
- What is the role of the compliance function?
- Managing regulatory risk for the benefit of your bank
- How corporate governance can enhance your bank’s performance
- Managing the risk of financial crime
Course Outline
Module 1: The regulatory environment and the role of regulators
- An overview of the regulatory environment
- The objectives of financial services regulation
- International Regulation
- The role of the regulators
- What do the Regulators expect?
- Your jurisdiction environment
- The difference between a best practice and a regulatory obligation
Module 2: The Compliance functions in Banks
- Compliance structure
- Role of the board of directors, supervisors, internal & external auditors
- The Role and Responsibilities of chief Compliance officer
- Key compliance activities and processes
- Compliance and Corporate Governance
- How does it interact with Compliance?
- Who are the Stakeholders?
- Corporate Governance principles
- Corporate Governance and Financial Crime Prevention.
Module 3: Risk Management and Compliance risk
- Understanding a Risk-Management Approach
- Impact on the business – positively and negatively –creating a Risk-Management Approach
- The definition of Governance, Risk and Compliance
- The need for Internal Controls
- Understand how to identify, mitigate and control risks effectively
- Approaches to risk assessment
- Compliance culture: Why it is important, and how to communicate the obligations
- Managing key relationships – external and internal.
- The role of the Compliance Officer
- Drafting a Compliance Officer’s job description/contract.
Module 4: Establishing an Effective Compliance Function
- Factors to be taken into account in designing a compliance system
- Developing an internal compliance system .
- Assumed regulatory objectives .
- Defining roles and responsibilities of Key Stakeholder
- Designing an internal compliance system: the risk-based approach .
- Implementing and communicating internal compliance arrangement
- Compliance Manual
- Establishing policies and procedures
- Creating a Compliance Monitoring Programme
- Compliance training
- The need for independence
- Conflicts of interest
- Record keeping and Compliance reports
- Managing the regulators and change in regulations
Module 5: Managing the Risk of Money Laundering and Terrorist Financing
- How are the proceeds of crime laundered?
- The objectives of money laundering and vulnerabilities of particular services
- Understanding money laundering offences
- The relationship between the MLRO and the Compliance Officer
- The risk-based approach to money laundering/terrorist financing
- Terrorist financing
- Suspicious Activity Monitoring, Detection and Reporting .
- Definition of suspicious activity
- Designing an effective internal reporting system
- Banks and Financial Institutions required to file Suspicious Activity
- Reports (SARs)
- Best Practices applicable to banks