FSA recommends practices for managing compliance risk
The Financial Services Authority (FSA), which regulates the UK’s financial services industry, has published a set of good practices for managing compliance risks of investment banks.
The practices deal with:
• how compliance risk is defined;
• whether a compliance culture is in place;
• the involvement of senior regional management;
• assessment processes;
• monitoring and surveillance; and
• compliance performance.
The FSA carried out a series of roundtables with 15 investment banks in March and November last year to find out what the good practices were.
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