Financial Crime World

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PITCAIRN’S FINANCIAL PROFESSIONALS EMBARK ON JOURNEY TO REGULATORY COMPLIANCE EXCELLENCE

In a bid to strengthen regulatory compliance practices, leading financial professionals from PITCAIRN have embarked on an intensive training program designed by GLOMACS. The CPD Certified “Professional Certificate in Compliance Regulations” course is tailored to equip participants with the knowledge and skills necessary to navigate the complex regulatory landscape.

Understanding the Regulatory Environment

The five-day program kicked off with an exploration of the regulatory environment, delving into the objectives and roles of regulation, as well as the responsibilities of compliance. Participants gained insights into the concept of compliance and the efforts being made to manage risk related to it.

Key Takeaways from Day 1:

  • The importance of understanding the regulatory environment
  • The role of regulation in managing risk
  • The responsibilities of compliance

Developing Effective Compliance Functions

Day two focused on establishing effective compliance functions, including understanding the role of the board of directors, supervisors, internal and external auditors, and the responsibilities of the compliance officer. The session also emphasized the importance of corporate governance and financial crime prevention.

Key Takeaways from Day 2:

  • The role of the board of directors in compliance
  • The importance of corporate governance
  • Financial crime prevention strategies

Managing Risk and Compliance Risk

On day three, participants delved into risk management and compliance risk, understanding the need for internal controls and approaches to risk assessment. They learned about the importance of compliance culture and managing key relationships with external and internal stakeholders.

Key Takeaways from Day 3:

  • The importance of internal controls
  • Compliance culture and its impact on risk management
  • Managing stakeholder relationships

Establishing an Effective Compliance Function

Day four covered the factors to be considered in designing a compliance system, including developing an internal compliance system, implementing and communicating internal compliance arrangements, and establishing policies and procedures. Participants also learned about the need for independence, record keeping, and managing regulators and change in regulations.

Key Takeaways from Day 4:

  • Designing an effective compliance system
  • Implementing and communicating internal compliance arrangements
  • Managing regulatory changes

Managing the Risk of Money Laundering and Financial Crimes

The final day of the program focused on understanding money laundering offences, the risk-based approach to money laundering/terrorist financing, suspicious activity monitoring, detection, and reporting. Participants also explored preventing fraud, bribery, corruption, insider trading, market abuse, sanctions, and their role in the global economy.

Key Takeaways from Day 5:

  • Understanding money laundering offences
  • The risk-based approach to money laundering/terrorist financing
  • Preventing financial crimes

Personal and Organisational Impact

By attending this comprehensive training program, PITCAIRN’s financial professionals have acquired essential skills and competencies to manage regulatory risk effectively, understand compliance in practice, and develop a good understanding of compliance principles. The organization will benefit from their employees’ participation through more effective support for the compliance team, identifying causal factors that may lead to non-compliance, and greater relevance and reliability of analyzing regulatory bodies.

Conclusion

As PITCAIRN’s financial professionals continue on their journey to regulatory compliance excellence, they are well-equipped to navigate the complex regulatory landscape and make a positive impact on their organization. The CPD Certified “Professional Certificate in Compliance Regulations” course has provided them with the knowledge, skills, and competencies necessary to excel in their roles and contribute to the success of their organization.