Fintelekt-ABA Virtual Workshop on Effectively Managing the Compliance Function
Fintelekt Advisory Services and the Asian Bankers Association jointly organised a virtual workshop on Effectively Managing the Compliance Function on May 7, 2024.
The resource person for the workshop was Gail Wessels, Compliance, Risk and Corporate Governance Specialist, Regulatory and Financial Crime Compliance Trainer and a lawyer based in Spain. Gail is an empaneled trainer with Fintelekt.
Arpita Bedekar, Director, Strategy and Planning, Fintelekt facilitated the workshop.
The virtual workshop was very well attended, with participants from more than 17 countries and 27 different institutions, including banks, insurance companies, mutual funds, money remittance companies, regulatory bodies, and technology companies.
The workshop focused on the multi-faceted role of the compliance function and what is required for its success. Gail started by defining the scope of the compliance function especially within the internal corporate context and external factors. She highlighted that the overlap with areas such as governance, risk and sustainability and the positioning of compliance within the organisation is fundamental to its success.
Next, she discussed the positioning of the compliance function within the organisation, its authority and independence which consists of its structure, seniority and stature, autonomy and outsourced compliance functions. The Board of Directors play a very important role in overseeing compliance and designing robust mechanisms to ensure that the corporation adheres to regulations.
The purpose and value of compliance is in moving away from a tick-box approach to a a compliance strategy that anticipates future trends across products, services and geographies. Gail highlighted the key elements of an effective compliance programme and examined the role of each of the elements
To a poll question on the likeliest predictor of compliance success, 36 per cent attendees chose Support and Culture, followed by 27 per cent in favour of Periodic evaluation and continuous improvement.
The final section underscored that the responsibility and accountability for compliance lies with everybody within the organisation. Several regulators have provided guidelines on accountability and conduct and impose severe liabilities on compliance failures.
Attendees used the opportunity to ask questions during the workshop and to seek opinions from Gail about compliance issues within their organisations.
All attendees received a Fintelekt-Asian Bankers Association Certificate of Completion for participating in the workshop.