Why establishing a good compliance culture is important

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Reference no: EM132219492

All questions can be answered in relation to a jurisdiction with which you are familiar. Where a specific jurisdiction has been selected this should be clearly stated in your answer.

Answer all questions.

Question 1

Explain, as if to a new member of staff who has no previous compliance or regulatory experience, the approach to regulation adopted by the regulator of a firm in a sector of your choice.

Question 2

Identify a regulatory initiative that has been implemented, or is in the process of being implemented, in a sector of your choice. Consider the implementation process and illustrate, through the use of practical examples, how this has impacted upon your chosen sector and on a particular regulated firm within that sector.

Question 3

Illustrate, through the use of examples, the possible risks and subsequent consequences that are likely to impact on sector of your choice, and on firms regulated in that sector, if they are used for financial crime purposes.

Question 4

Reflect on the purpose of regulatory compliance and illustrate, through the use of supporting examples, how activities linked to understanding and addressing behaviours - rather than focusing only on rules and procedures - can support achievement of these within a regulated firm.

Question 5

Define what a good compliance culture is and illustrate its links to ethics and integrity within a firm regulated in a sector of your choice. Discuss why establishing a good compliance culture is important, who has responsibility for doing so and how they might achieve this, providing appropriate examples to support your views.

Question 6

Thomas works within the risk team of Global Business (Global), a regulated firm based in a sector of your choice. Global has an international client base and, conscious of the many challenges arising in the current business and regulatory environment both in your chosen jurisdiction and overseas, the executive board is looking to appoint additional board members, specifically non-executive directors, to support its ongoing activities.

Thomas has been asked to provide the board with a guidance paper describing the relevant corporate governance requirements that apply to Global and highlighting any current or impending initiatives relating to corporate governance that may have an impact upon Global, either now and/or in the near future. This paper will be used to assist in decision making regarding the new appointments and will then be used as the basis of an information pack for the new appointees.

With reference to the above scenario:

- describe the relevant corporate governance requirements that apply to Global, explaining why these are relevant for the firm and the individuals referred to

- highlight any current or impending initiatives relating to corporate governance that may have an impact upon Global, either now and/or in the near future, making clear their relevance for the firm and the individuals referred to.

Provide illustrative examples within your answer to support your views.

Question 7

Is regulation necessary? If we removed all regulations and left market participants to operate freely, would the outcome really be any more problematic than it is currently?

Consider the above questions and compose a balanced response to them, establishing whether you believe that regulation is - or is not - necessary, and supporting your views with appropriate examples.

Reference no: EM132219492

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