Embedded CULTURE is a FATF requirement…how do you stand up to scrutiny? Find out at a free Feb CPD event.
10/02/2023
FATF requires firms to have a robust Corporate Governance, CULTURE And Risk Management Framework, and the fact that FATF talk about such matters also means that MONEVAL also consider it an important matter and guess what....... if these two think it’s important, the JFSC will also 😁 [MORE ON FATF BELOW]
With culture and board effectiveness on the radar Comsure has organised a s free CPD Workshop for those that need a CULTURE carrot [stick!!].
FREE CPD
So, why not come along to hear about how you could assess such matters in your organisation.
COMSURE's & CoSteer®Perrin Carey FREE CPD TRAINING [21 FEB 2023] on ASSESSING GOVERNANCE ARRANGEMENTS we will consider the FATF statements on CULTURE & Challenges for a regulated person's [TCSP] risk-based approach [RBA]
MORE INFORMATION AND BOOKING DETAILS HERE
FATF SAYS
In the FATF Guidance on the Risk-Based Approach for Trust and Company Service Providers, there are principles for supervision and specifically include requirements that the supervisor[E.G. JFSC/GFC]:
1. Requires that a TCSP embeds a robust Corporate Governance, CULTURE And Risk Management Framework,
2. Consider the type of services the TCSP provides, its size and business model, corporate governance arrangements, THE COMPLIANCE CULTURE within the organisation, financial and accounting information, delivery channels, client profiles, geographic location, and countries of operation.
BUSINESS CONSIDERATION - THE FATF GUIDANCE HIGHLIGHTS THAT A CULTURE OF COMPLIANCE REQUIRES
3. The Guidance highlights that the senior management of TCSPs must foster and promote a CULTURE OF COMPLIANCE as a core business value.
4. The senior management of TCSPs is responsible for fostering and promoting a CULTURE OF COMPLIANCE as a core business value.
5. Senior management must create a CULTURE OF COMPLIANCE, ensuring that staff adhere to the firm's policies, procedures, and processes to limit and control risks.
6. Management should recognise the importance of a CULTURE OF COMPLIANCE across the organisation and ensure sufficient resources are devoted to its implementation appropriate to its size, scale, and activities.
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.