Chapter 1 - Role of Compliance Flashcards
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
- Establish the firm’s ethical code
- Establish the firms corporate governance
- 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
- Board of Directors
- UDP
- Compliance Department
- Line Managers
