Compliance is a standing agenda item for senior management and the board to enable proactive management of regulatory risks – the criticism sometimes levelled being that regulatory compliance is a secondary concern for senior executives.
At the highest level, the strategic vision of Compliance should be defined and set by the board in formal terms of reference. Broadly speaking, the role of Compliance should be to take the lead in identifying and managing the significant regulatory compliance risks to which the business is exposed, including:
- Designing and supporting a regulatory risk framework for the business
- Supporting and challenging business line management regarding the completeness and accuracy of compliance risk management activities, including identification and measurement
- Providing advice to business units on regulatory obligations and on the creation and implementation of regulatory compliant policies and procedures
- Monitoring the organization’s compliance with relevant laws, regulations and internal risk policies
- Reporting on compliance matters that warrant the attention of senior executives.
ZAN Consulting has successfully conducted compliance projects in complex industries such as Oil and Gas, Financial Services, Medical, Health and Pharmaceutical Industries Projects have included Effective and Competent Corruption investigations, Financial Crime Investigations, Compliance Monitoring, Anticorruption Public Awareness and Public Relations Campaigns, Business Management, Resource provision and support.
ZAN Consulting uses the pragmatic approach of a combination of guidance and monitoring activities, whereby Compliance takes both an advisory and monitoring role:
Advisory: to partner with the business and provide guidance on the interpretation of regulatory requirements, and delivery of operations in line with the firm’s regulatory risk appetite
Monitoring: to undertake independent compliance monitoring of the business against the firm’s regulatory risk appetite.