Switzerland Revamps Financial Market Legislation: Compliance Software Proves Crucial
Harmonizing with European Standards
In a move to align its financial market legislation with European standards, Switzerland has recently passed two new laws: the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA). These regulations pose significant challenges for independent asset managers, who must now implement an independent compliance and risk management function.
Compliance Software: A Game-Changer for Asset Managers
SwissComply, a leading provider of compliance software in Switzerland, offers a comprehensive range of services to help asset managers navigate the complex regulatory landscape. With a personal compliance and risk manager, SwissComply provides ongoing monitoring and support to ensure compliance with regulatory guidelines.
Benefits of Outsourcing Compliance and Risk Management
- Reduced costs
- Minimized business risks associated with unintentional breaches
- Ongoing monitoring and support from experienced specialists
Approvals: A Key Component of Compliance
In addition to compliance software, SwissComply also offers approval support services for asset managers seeking supervisory approvals from FINMA or SROs. With a team of experienced specialists, SwissComply takes care of the entire incorporation and approval process, ensuring that applications comply with regulatory requirements.
Internal Control System: A Must-Have for Financial Service Providers
The FinIA has also introduced an obligation for financial service providers to establish an internal control system (ICS) as a risk management tool. SwissComply’s online ICS solution provides a three-step risk management process, covering all FinIA requirements for an effective ICS.
Benefits of Implementing an Internal Control System
- Ensures compliance with regulatory requirements
- Minimizes the risk of non-compliance
- Provides a structured approach to risk management
Conclusion
By implementing SwissComply’s compliance software and approval support services, asset managers can ensure that their operations are in line with regulatory requirements and minimize the risk of non-compliance. With SwissComply, asset managers can focus on their core competencies, build client trust, and create more value for their company.