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Risk-Based Compliance Monitoring

Compliance Monitoring is an essential tool in knowing that your controls are designed, and are operating, effectively. 

£474.00

✔️ If you’d like to be invoiced for this course and pay via bank transfer, please send your company details and the name of the course you’re interested in to info@lgca.uk, and an invoice will be issued.
Compliance Monitoring is an essential tool in knowing that your controls are designed, and are operating, effectively.  Without this, you cannot evidence an appropriately managed risk-mitigation programme and you are missing one of the key obligations of the compliance function.  You shouldn’t need to monitor and test *everything* however, and the expected approach is to know where the risks are, both at an inherent and residual level, and to target your monitoring resource accordingly, ensuring appropriate coverage.  This session looks at how you go about creating and operating an effective monitoring programme, what testing you need to do, and how you might document that to evidence good practice.

Training Objectives

By the end of the programme, participants will: 

 • Be able to evidence thought behind the structure of the compliance function and the approach to compliance risk management

• Be able to analyse both distinct and the overlapping responsibilities between the regulators and the behavioural responses expected from firms

• Have examined the impact of regulator focus and senior manager accountability on the compliance work plan

• Understood how to manage resources to best effect in mitigating compliance risk and monitor controls over outsourced functions

• Have considered whether your current structure is fit for purpose

• Have reviewed the allocation of responsibilities between compliance, business senior management /significant influence functions and other control functions such as risk, audit and finance

• Understand how to embed compliance within the governance of the business to the right level

 

Who Should Attend 

The session is appropriate for all staff involved in scheduling or prioritising risks for further monitoring and testing.  This is often Compliance staff but the session is also appropriate for risk managers and those in oversight roles, as well as Audit professionals.  It assumes an understanding of the key terminology and structures but allows for a range of experiences.

 

Training Outline  

 • Regulatory expectations – the role of Compliance Monitoring

 • Compliance risk management 

 • Mapping risks for monitoring 

 • Getting the ‘compliance dynamic right’ 

• Specific financial crime monitoring – market abuse, ABC, AML, Sanctions 

• Useful Tips / Common Errors 

Industry Expert | Steve Fairclough

Steve began his financial services career in 1993 and has over 20 years practical training experience across a range of sectors and topics.  He is a former Head of Education for HSBC covering the UK and Europe, responsible for regulatory and financial crime related compliance learning.  His time at HSBC was during intense scrutiny from regulators and government functions during the bank’s Deferred Prosecution Agreement.  Other roles include leading the Monitoring and Testing programme for a UK Wealth Manager, and Senior Vice President responsible for Global Risk & Compliance training at a US-based bank.  He also worked in the Insurance Firms division at the Financial Conduct Authority (in the FSA days) where he was the divisional expert for the rules and outcomes required under the Training & Competence handbook.

The HSBC role, along with five years at Barclays in their Private Clients and Wealth functions, has seen Steve work with retail, commercial, wholesale and private banking channels.  Since leaving HSBC, Stephen has worked with the compliance, HR and operational teams of firms to enhance their regulatory understanding, as well as delivering content across private equity firms, investment houses, banks and wealth managers.  He regularly delivers core programmes for TISA and the Investment Association.

Steve is a former member of the Investment Management Association Training & Education Committee and won the Thomson Reuters award for “Most Effective Compliance Training at a Regulated Firm” in 2010.

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