Security Aspects of Compliance Reviews

Abstract

Financial organisations have needed to demonstrate compliance with a wide variety of regulations for many years. However, the UK Financial Services Act (1986) and its many descendants created a need for professional officers, who may be full time or part time, depending on the size of the firm and other factors. They will have a variety of responsibilities, including:

• identification and implementation of methods satisfying reporting requirements;

• assessment of the firm’s compliance with relevant laws and regulations;

• identifying and informing others of the impact of new regulations, or of existing regulations on new business;

• investigation of complaints;

• identification of breaches;

• liaison with regulators;

• organisation of compliance training.