Chapter 1 - Role of Compliance Flashcards Preview

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Flashcards in Chapter 1 - Role of Compliance Deck (6)
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1
Q

What is Today’s Role of Compliance?

A

Surveillance and Advisory Function - Taking a real time approach to managing risk.

2
Q

How do you install a culture of compliance in a firm?

A

Employees Acting within the Letter and SPIRIT of the law

3
Q

What are some of the Boards Key Responsibilities in establishing a compliance culture:

A
  1. Establish the firm’s ethical code
  2. Establish the firms corporate governance
  3. Acting on reports received by the CCO
4
Q

Who is responsible for ensuring that the firm has adequate written P&P which are developed and implemented?

A

The UDP

5
Q

What is the CCO’s main responsibility?

A

To monitor adherence to the firm’s P&P and to ensure that the compliance function is managed effectively.

6
Q

Who are the 4 Key Players in a firms Compliance Culture?

A
  1. Board of Directors
  2. UDP
  3. Compliance Department
  4. Line Managers