Module Seven - Compliance and Change Flashcards
What do change and compliance do to each other
Mutually affect each other
What have to be checked at the start of a change project
Regulatory mandates
What has to be assessed when regulations change
Business Operations
What is governance
The layer above compliance - The act of governing, exercising power - Action by executive bodies Parliament, Courts etc.
What two things does governance originate from
- Economics - Corporate Governance 2. Political Science - State Governance
What does OMP stand for
O - Organisation (steering groups to manage change) M - Management (Establish Roles & Responsibilities) P - Polices (create Frameworks)
What does compliance mean
Conformity - Acting to a set of standards or regulations
What is regulatory compliance associated to
Individuals, Systems, Entities
What is compliance becoming for companies
A beast
What is Sarbanes Oxley regulating
Storage of electronic records
Which regulation is for the Storage of electronic records
Sarbanes Oxley
What is Turnbull Report regulating
Risk Management
Which 2 regulations are for Risk Management
Turnbull Report & Basel II
What is Basel II regulating
Risk Management - Banks and Financial Institutions
What is IRFS regulating
Accounting Standards
Which regulation is for Accounting Standards
IFRS
What is FSA regulating
Mortgages
Which regulation is for Mortgages
FSA
What does the data protection act do
Protects peoples data - key in todays technology environment
What is VAR and what does it mean
Value At Risk - The value of money after factoring in risk
Which type of company needs to pay close attention to VAR
Banks
What is RAROC and what does it do
Risk Adjusted return on Capital - Balances return with risk measurements
What is ROVAR and what is it for
Return on value at risk - Utilises estimates on future returns variations
What is the Monte Carlo simulation
A problem solving technique used to approximate the probability of certain outcomes by running multiple trial runs using random variables
