
FSA issues good-practice advice for managing compliance risk at investment banks
Daily news headlines
The UK Financial Services Authority (FSA) has published a letter from new chief executive Hector Sants, setting out its view of good practice for managing compliance risk at investment banks.
The advice is based on findings during the course of the FSA’s work concerning the operations of 15 London-based investment banks, which were followed up with roundtable discussions to identify good practice in compliance.
The FSA recognises that “managing compliance risk is a complex and demanding task for firms, but one to which we attach the highest importance. It is also an area where significant changes are occurring in the way firms structure their compliance functions and consider compliance risk. Many firms are taking a more integrated approach than in the past, and several aspects of the management of compliance risk are moving closer to the risk disciplines used in other, longer established risk areas.”
The good practices are grouped into six areas deemed critical to managing compliance risk, the most important of which seems to be senior management engagement.
Click on the link below for a copy of the good practice guidelines.
http://www.fsa.gov.uk/pubs/ceo/compliance_risk.pdfOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Regulation
Europe’s lenders sail into uncharted waters of the banking book
Regulators are pushing banks to map their credit spread risk. Here be dragons?
SEC may lack legal clout to impose new dealer rule – Citadel
Adoption of quantitative dealer definition may require congressional changes to US Securities Exchange Act
US Basel endgame hits clearing with op risk capital charges
Dealers also fret about unlevel playing field compared with requirements in the EU
CFTC’s clearing house recovery rule splits industry
Some fear CCPs will fast-track recovery, others say any rule book will be ignored in emergency
EU banks ‘will play for time’ in stand-off over India’s CCPs
Lawyers say banks are unlikely to set up subsidiaries and will instead pin hopes on revised Emir fix
ECB mulls intervention on uneven banking book reporting
Inconsistency among EU banks on whether deposits and loans are in scope for credit spread risk
Iosco warns of leveraged loan ‘vulnerabilities’
As recovery rates plummet, report calls for clearer covenants and more transparency on addbacks
Narrow path to compromise on EU’s post-Brexit clearing rules
Lawmakers unlikely to support industry demand to delete Emir active accounts proposal altogether