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Brunei Darussalam: Financial Compliance Audit Procedures Workshop Held in Brunei
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A comprehensive workshop on financial compliance audit procedures was recently held in Brunei Darussalam, aimed at fostering a deeper understanding of various types of compliance requirements among mid-to-top level executives and managers working in the banking industry.
Objectives
The event was designed to provide participants with a thorough understanding of the critical areas of banking compliance, including:
- Risk management
- Data privacy
- Information technology
- Finance and accounting
- Sales and marketing
Workshop Content
The workshop, led by Dr. Shahid Anjum, a renowned expert in the field, covered various aspects of financial compliance, including:
- Regulatory burden and compliance regimes
- Embedding three phases of compliance culture creation
- Integrating compliance into all operational areas of the business
Participants from the banking industry, including senior managers and supervisors, investment and portfolio heads, insurance managers, and corporate sector CEOs, gained valuable insights on how to:
- Identify historical context of compliance requirements
- Understand the responsibilities of the board and senior management
- Comprehend the details of the compliance structure and procedures
Consequences of Non-Compliance
The workshop also explored the personal and operational costs associated with non-compliance, including:
- Increased personal liability
- Forced changes to senior management
- Expensive and time-consuming remedial actions
Participants were also made aware of the penalties of non-compliance, such as:
- Risk of legal or regulatory sanctions
- Material financial loss
- Loss to reputation
Feedback from Participants
The event was well-received by participants, who praised Dr. Anjum’s expertise and engaging presentation style. “I gained a deeper understanding of compliance requirements and how they impact our business,” said one participant. “Dr. Anjum’s real-world examples made the concepts more relatable and easier to understand.”
Industry Support
The workshop was supported by various industry stakeholders, including the Banking and Finance Association of Brunei Darussalam (BFABD).
Conclusion
Overall, the workshop was deemed a success, providing participants with valuable insights and practical knowledge on financial compliance audit procedures in Brunei Darussalam. The event is part of ongoing efforts by the Brunei Darussalam government to promote financial literacy and compliance among banking institutions operating in the country.
Additional Resources
Participants were provided with a comprehensive workbook, which included case studies, exercises, and quizzes to reinforce their understanding of financial compliance audit procedures.