11.3 Roles and responsibilities for compliance Flashcards
List 5 areas of a business with responsibility for compliance.
Board Audit Committee CoSec Compliance Risk Internal Audit Other specialists (e.g. IT) Line managers Staff
Who has ultimate responsibility for compliance within an organisation?
The board of directors
What sanctions face directors who fail to meet their legal duties relating to compliance?
Dismissal, fines or imprisonment
What assurance mechanisms exist for boards to oversee compliance?
Compliance-focussed internal audit reports
Reviews for specific business areas, such as H&S
Compliance monitoring reports
What is the responsibility of the audit committee in compliance management?
To ensure the organisation complies with laws and regulations relating to financial reporting. It may also have additional responsibilities as delegated by the board.
What is the role of the company secretary in compliance management?
In smaller organisations, they may hold the compliance function, in a larger organisation they may have certain responsibilities around company and governance law.
What is the role of the compliance function in compliance management?
Primary responsibility for day-to-day compliance management including:
- keeping up with laws and regulations
- supporting internal audit
- performing compliance reviews
- identifying assessing and monitoring compliance risk
- designing and implementing controls
- working with regulators
- relationship management
- supporting cosec and other governance professionals
- providing advice and guidance
What is the role of the risk management function in compliance management?
Overseeing management of compliance risks related to laws and regulations on risk management.
What is the role of the internal audit function in compliance management?
Assessment of compliance management and monitoring tools.
What is the role of line managers in compliance management?
Ensuring that direct reports comply with applicable laws and regulations
What is the role of all staff in compliance management?
Conducting their duties in a way that is compliant with relevant laws and regulation.
