1. Establishment of compliance framework
Internal control measures require the establishment of a compliance function as part of the risk management framework of the business.
We will assist the Key Individual with the establishment of the processes and procedures to comply with this requirement. These procedures include a Compliance Manual to be used as reference in the business.
Furthermore, personalised documents are provided to the practice for the establishment of processes as required by the General Code of Financial Services Providers, to name but one.
2. Delivery of compliance services
Where it is required that the practice appoints a compliance officer with the Financial Sector Conduct Authority (FSCA), we will attend to such requirement.
A compliance officer has the following obligations:
- monitoring and compliance with the Act
- supervision of the compliance function
- recommendations to the key individual regarding compliance and monitoring functions
- submission of reports to the Registrar as required by the Act.
We will attend to the requirements as set out above.
3. Establishment of risk management measures
Risk management principles are mostly the same across the financial services industry. The General Code addresses the requirement of risk management in general terms by not setting specific requirements but requiring the practice to take note of the requirements and to ensure that it is addressed by ways of operational risk management measures.
We assist the Key Individual with the establishment of a Risk Management Plan and to accordingly continuously identify risks in the business and manage them appropriately.
4. Continuous monitoring and practice visits
In terms of Board Notice 119 of 2017 an external compliance officer can determine in own discretion the frequency of onsite visits and other methods of monitoring, based on the complexity and risk of the particular financial services provider.
Where the business makes use of web-based software we will be able to attend to more regular monitoring, as and when cases are finalised. Development areas are therefore identified immediately and remedial actions can be implemented.
5. Interaction with the regulator
We will continuously provide communications regarding amendments to applicable acts and regulations.
We will also assist with any profile changes at the Financial Sector Conduct Authority (FSCA).
Assistance will also be provided regarding preparation for and presence during FSCA onsite visits.
