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Companies in East Africa Told to Provide Evidence of Effective Compliance Programs

Regulators in the East African region, particularly in the financial services sector, are now directing companies to provide evidence of their compliance programs and regular independent reviews.

Risk-Based Compliance

According to a recent report by PwC, many regulators recognize that compliance programs should be risk-based and right-sized. The firm notes that there is no cookie-cutter approach to compliance, and that each company’s program will look and feel different depending on its specific risks.

Demonstrating Effectiveness

Regulators are now requiring companies to demonstrate the effectiveness of their compliance programs by providing evidence of regular reviews and assessments. This includes demonstrating how the program has been tested and how it would prevent or detect problematic misconduct in the future.

• Companies need to have a defensible measurement in place to demonstrate effectiveness.
• A well-thought-out response mechanism and system is crucial in the event of fraud.

Importance of Regular Reviews

The report highlights the importance of regularly reviewing and refining anti-fraud programs to address evolving risks and threats. It also emphasizes the need for companies to be prepared with a well-thought-out response mechanism and system in the event they fall victim to fraud.

PwC Solutions

PwC offers a range of solutions to help companies identify key risks and threats, and improve their compliance programs:

• Fraud risk assessments
• Cyber security assessments
• Investigation services

Contact Information

For more information or to discuss your company’s compliance program, please contact:

Uthman Mayanja Partner uthman.mayanja@pwc.com +256 (0) 312 354400

Muniu Thoithi Advisory & Forensics Leader, Eastern Africa muniu.thoithi@pwc.com +254 20 285 5684