Preliminary findings from the financial Services Regulatory Compliance Workshops.
Some of the preliminary conclusions based on the workshops that we have held. The workshops are divided in three sections. The first part is introductions on EU regulatory Compliance components and performance of the 5 dilemma's we have prepared based on earlier meetings. We then prioritise the dilemma and later in a breakout sessions the participants respond to some of the primary concerns and issues in 1 or 2 of the compliance dilemma. Later we offer and discussed the solutions on their views, findings and red signals.
In this financial and economic environment of uncertainties, it is especially beneficial to understand regulatory expectations for risk management. The Regulatory Compliance session of the Copenhagen Compliance Conference will prepare directors and officers with the skills and knowledge they need to help guide financial institutions through these challenging times.
Effective oversight of consumer laws and regulations can reduce the risk of financial loss, ensure quality service, and maintain a strong reputation. Several Regulatory components will affect the operations of all financial institutions. Directors must identify the scope and implications of the legislation that applies to their institutions.
Topics addressed include
- Major compliance risks and critical regulations
- The critical elements of an effective compliance risk management program
- How to identify compliance red flags
- Current compliance hot topics
- Common compliance examination findings related to compliance risk
- Q&A sessions and Panel discussion.
The current most common compliance issues and challenges in the financial services industry currently are;
- The multitude of rules and regulations
- Compliance burden. Compliance overreach
- Compliance unpredictability - do not know whether they are bought or sold. Ex. MiFID II regulation
- EU implementation phase (no Danish Implementation Phase schedule)
- Harmonization of governance rules, as there are governance rules in all new rules behind including MiFID, CRD4, Solvency, Basel III, CRR, Crises Management
- Harmonization of risk management components and rules, as there are additional risk management related issues rules in many different activities behind/including MiFID, CRD4, CRR, Solvency, Basel III, SEPA, Crisis Management
- The division of labor between the lines of defense (primarily compliance and audit). Should compliance be value-added (our proposed EU strategy) or as a control unit (The most common approach)
- They have no comprehensive overview of the controller, risks, incidents, etc.
- Get IT tools for case management to organize e.g. the annual compliance plans
- IT Tools for managing and administration of the documents and policies
- PROCEDURES system is centrally controlled in Operation during data governance (larger value chain)
- Structured Risk assessment to embrace an enterprise approach.
We have most financial institutions could have an advantage of coordinating their GRC news streams further, with possible division of responsibilities in order to minimize duplication of effort and to build a enterprise wide assessment of their "best practices".
The intention to collect all GRC components into an enterprise approach is a journey that they would like to embark upon but did not know how and why, due to the non clarification of some of the above issues. A dialog with most of the companies where we have had a discussion continues with their compliance or risk departments
Communicate With the Regulators
At the conference you will interact with speakers who are both experienced examiners and come from the oversight authorities. They are seasoned professionals who regularly assess compliance risk management systems and meet with senior managers and directors to discuss their findings and evaluations.
At the conference speakers will share their experiences to help you improve your knowledge and skills. The conference allows free and targeted consultation. Pre-course reading materials in the form of the newsletters will be provided every month to enhance your knowledge on the forthcoming regulatory compliance expertise.
