Chapter 2 - Compliance Role in Training and Competence

Question 1

Into which three areas is training split into?

Answer 1

1. Educating staff on compliance issues.
2. Acting as a point of contact for compliance queries from staff.
3. Providing written guidance to staff.

Question 2

What is the role of compliance in educating staff on compliance issues?

Answer 2

• Review and advise on the training material prepared by the Learning and Development team.
• Conducting workshops or training sessions on areas of regulation.

Question 3

What can the compliance department do to act as a point of contact?

Answer 3

• Act as a compliance help desk to deal with day-to-day queries.

Question 4

How might the compliance department provide written guidance to the business?

Answer 4

Maintain a formal ‘house view’ of how certain regulations are to be interpreted or applied. Any updates should be communicated to the business.

Question 5

How might compliance monitoring provide oversight of training?

Answer 5

They may conduct a review of training and competence policies of the firm, test record-keeping relating to staff in approved or supervisory roles, review fit and proper assessments.