What can I do when logged in?

You can submit new articles, so we can make unique versions of them and distribute them for you.
If you want to simply publish the same article on 800 websites, you can tell us to do that.
You can see the archive and current status of all your article distributions.
You can order any number of high-quality articles - just let us know your keywords.
You can browse the archive of all the articles we have written for you.
You can order our Complete Service (10 high-quality articles plus 10 article distributions).
You can purchase more credits for our services and check your affiliate earnings.
Much more ...

SpinDistribute.com Article Directory

The following article was published in our article directory on June 7, 2017.
Learn more about SpinDistribute Article Distribution System.

Remarkably Simple Compliance: How Are You Impacted?

Article Category: Advice

Author Name: Lee Werrell, Chartered FCSI FISMM

A fundamental move for any Compliance Officer is the identification of your business departments and the impacting regulations.

Obviously with larger organisations you might have business units within each entity that may or may not be duplicated and as this is unlikely as being the norm I will ignore this specific area at the moment.

With an increasing range of regulatory bodies, the transforming regulatory outlook and recently the Senior Managers and Certification Regime (awaiting further consultation), placing managers directly in the firing line, risk and compliance functions are really feeling the pressure to ensure they are entirely aware of what their firms must do to maintain compliance. However, if you picture providing the optimal compliance service that is feasible to your firm every single day, then you have to understand how and where your firm stands. The first step is determining the high-level activities and must now tease out the more thorough aspects and duties of being a Compliance Officer.

To perform this you could take a new notebook and address the following rough sections;
- Each entity within your group including appointed reps, introducer appointed representatives or other subsidiary or joint-venture partners that your firm may have taken part in business with;
- Each business unit and support units within each entity;
- If a group, what are the distinctive reporting lines and what differences/similarities could there be?
- External companies incorporating anything that maybe outsourced from IT to Para-planning, Legal to Banking;
- The regulatory administration where you are working, for most this will certainly be the UK and at most Europe however many firms today offer offshore investment services.
Within your administration you need to identify each of the regulators and any criteria or best practice requirements from trade bodies, any parties that may contain a quasi-regulator position aside from the obvious legislation, regulation and codes etc.;
- Product services and particular business activities across the range from front, middle and back office, along with any general insurance, mortgages, financial and investment planning;

The Detailed Rules Mapping
If you get yourself a spreadsheet with the column headings referencing the handbooks starting with SYSC, COBS, BIPRU, INSPRU, etc. and with rows complete the titles of functions including trading desks, middle office, settlement and other areas of activity. For retail distribution perhaps its, life sales, pensions sales, investment sales, mortgages etc. across the top. Your grid will soon materialise. From this basic grid you can identify where the relevant handbooks would connect to your firm and those who run it, and if it is not applicable, note why not.

There is of course a need to have knowledge of the business units throughout your very own firm whether these units take the form of sales teams or expert areas with their own specific advisers you will obviously have to understand certain basics along with the above;

- management compliance concerns
- specific product services or activities
- the main activity for income generation
- anything considered as a unique selling point
- any point of sale or post sale documentation used if different to the principal
- target client base or segment
- methods of marketing and advertising
- IT systems
- most valued clients
- top deals of the previous One Year
- complaints.
- challenges.
- governance; policies and procedures and how they may differ to the principal.
- conflicts of interest, regulatory issues in the last 12 months, risks, regulatory contact the last One Year.
- any major developments in the last 1 Year; and.
- Any major updates planned for the next 12 months.
At this stage it may also be worth thinking about risk management and mitigation programs to be executed for each legislative section you may have responsibility for within your firm. You might want to think about covering the broad list below;.
- Specific responsibility if the obligation is for anybody aside from the compliance officer.
- A gauge or measure somehow of how the firm is affected by this legislation and specifically the subparts affected.
- What you consider the key risks to be.
- The controls you have identified in connection with each risk.
- Any weaknesses in the control framework that may ought to be addressed; these could be risk rated.
- An action plan prepared and designed to address any weaknesses that you may have uncovered in your investigations. You should without a doubt ensure that you record and track progress regularly.
- A review frequency for when you are planning to revisit your current findings. More complex areas are probably to need a more frequent visit.
- The overall risk rating you apply to this specific area of legislation and this should include the seriousness of penalties or frequency they are imposed by the regulator.

UK legislation text can easily be found on the net and two specific sites that are useful are the UK Statute Law database (www.StatuteLaw.gov.uk) and the Office of Public Sector Information (www.OPSI.gov.uk), although beware the latter as repealed or amended or subsequent legislation is not clearly indicated and the original text can still be found.
Compliance Consultant have the tools developed to make this process easier and bespoke to your company, covering not only the primary regulation, but additionally Business Conduct and Business Regulation Impact.
To complement this, Compliance Consultant also provide a service to identify the impacted areas and record the key risk component, risk category, definition of the risk and provide evidence of how your firm addresses each area.

In Summary
By using the application of the Regulatory and Risk Based Footprint Mapping, along with the Compliance Charting Tool, it is easily demonstrated where the regulatory component requirements impact your firm at differing levels within your organisation. The impact is identified, mitigation measures implemented and controls recorded for future inspection, reference or supply to the regulator on demand.

Your Fully reportable database of' regulations to operations' will give you fast access to any segment of regulation ensuring that you always have a clear picture of all your obligations, mapped activities and ownership. A vital compliance tool that ensures Senior Management not only sleep at night but they are comforted that they are "Making Compliance Work".

Keywords: bank regulatory compliance officer salary,banking regulatory compliance software,fca disp rules complaint handling,fca guidelines complaint handling,fca guidelines insurance,fca handbook rules and guidance,fca objectives principles rules and guidance,fca professional indemnity insurance rules,fca rules,fca rules and guidance,fca rules and regulations,fca rules and regulations exam,fca rules for general insurance,fca rules insurance,fca rules insurance brokers,fca rules on complaint handling,fca rules on crowdfunding,fca rules on inducements,fca rules on introducers,fca rules on record keeping,fca rules on selling insurance,fca rules on whistleblowing,product regulatory compliance definition,regulatory compliance,regulatory compliance audit definition,regulatory compliance cost definition,regulatory compliance definition,regulatory compliance definition wikipedia,regulatory compliance manager,regulatory compliance manager certification,regulatory compliance manager emirates,regulatory compliance manager interview questions,regulatory compliance manager job description,regulatory compliance manager linkedin,regulatory compliance monitoring software,regulatory compliance risk definition,regulatory compliance salary,regulatory compliance software,regulatory compliance software development,regulatory compliance software market,regulatory compliance software meaning,regulatory compliance software systems,regulatory compliance software testing,regulatory compliance software uk,regulatory compliance specialist,regulatory compliance training,regulatory compliance training courses,regulatory compliance training for banks,regulatory compliance training online,regulatory compliance training programs,regulatory compliance training uk,risk management,risk management association,risk management association annual statement studies,risk management association certification,risk management association journal,risk management association membership,risk management definition,risk management definition investopedia,risk management definition medical,risk management definition nist,risk management definitions of terms,risk management framework,risk management framework certification,risk management framework definition,risk management framework dod,risk management framework pdf,risk management framework ppt,risk management framework steps,risk management framework template,risk management framework training,uk fsa rules and regulations,

Learn more about SpinDistribute Article Distribution System. We also offer Professional Article Writing to everyone who's looking for high quality web content.

SpinDistribute.com Network

Each article you submit at SpinDistribute.com is sent through our innovative Article Distribution System to our network of more than 1840 publishers - about 55% of them are high-quality article directories, 30% of them are niche blogs and 15% of them are other content-rich websites.

To achieve the best possible success we only publish your article to most related websites. This means your article will show up on approximately 640 - 880 most related websites which will give you great SEO results.

We also offer a separate Professional Article Writing Service to everyone who's looking for high quality web content and well researched unique articles.