Our regulatory compliance experts are seasoned professionals who have a thorough knowledge of compliance-related aspects and first-hand experience with the sustainable implementation of the compliance function.
An effective compliance function is highly dependent on the culture and supporting environment within an entity. We assist entities to analyse and define compliance governance structure(s) that align with the entity’s unique operations. We follow a risk based approach to ensure that limited resources are optimally deployed.
We define compliance risk as the risk that controls implemented to ensure compliance to relevant laws, regulations and supervisory requirements, are not adhered to and/or are inefficient and ineffective.
When /if compliance risk materializes (i.e. a lapse of controls), it gives rise to regulatory risk - the risk that institutions do not comply with applicable laws and regulations or supervisory requirements or the exclusion of provisions of relevant legislation out of operational procedures. The effects of this risk may have an impact on either or both of:
- Reputational risk - the risk that the entity might be exposed to negative publicity due to the contravention of applicable statutory, regulatory and supervisory requirements by the entity or its staff members during the conduct of business
- Monetary loss – due to penalties incurred or claims against the entity Laws, regulations and supervisory requirements include laws, regulations, rules, self-regulatory organisation standards and codes of conduct – we collectively refer to these as regulatory requirements.
Our particular areas of expertise include:
- Advice on sustainable implementation / re-design of the compliance function that is aligned with management’s strategic direction
- Sound, risk based framework to derive customised compliance risk profiles, risk management plans and key risk indicators
- Develop and maintain an effective compliance program which supports management in establishing, promoting and enforcing integrity and responsible decision-making
- Quality assurance – we review and report on the maturity of your compliance function compared to industry practice