Question 1
Imagine that you are a newly appointed Head of Compliance for a regulated financial services business. How would you go about establishing an effective Compliance Plan? You have also been requested to address newly recruited business heads and executives on the nature, scope, and role of an annual compliance plan. Describe the components of such a plan and state how it contributes to the effective implementation of a compliance monitoring programme
Question 2
You are the Head of Compliance at a regulated financial services firm within your Job Specialisation. You have recently recruited three junior compliance officers and you intend to assess how effectively they can perform compliance monitoring activities. Your task is to develop a plan that assigns to the three officers different activities. Describe the activities you will assign to each indicating what resources and tools they require for the purpose and as to how you intend to supervise and review their work for purposes of quality assurance. The processes and outcomes must be clearly indicated.
Question 3
Newly recruited staff had indicated that they are uncertain as to the nature and scope of deviations, breaches, and exceptions that would have to be escalated to a senior or designated officer and the content and format of the compliance report, and the supporting documentation, that must be compiled.
- Describe the nature and scope of deviations, breaches, and exceptions in terms of severity that would have to be escalated to a senior or designated officer giving appropriate examples and illustrations from your Job Specialisation.
- Prepare a template of the compliance report to be prepared and provide an example of the supporting documentation required to be attached to it. To illustrate the type of supporting documentation required, use an example of a deviation, breach, or exception of a legal or regulatory requirement from your Job Specialisation.
