The increasing pressure from legislation, the supervisors and the gatekeeper function of financial institutions make the compliance framework and thus the role of compliance officer essential for financial institutions, for both large and small sized institutions. Just having a framework isn’t enough. It must also perform well in practice.
In addition, a well-designed compliance function contributes to the optimisation of a company’s business operations. Maintaining policy, ensuring proper separation of responsibilities and functions, creating awareness of risks and knowing the customers and their market contributes to a company’s success.
Setting up and optimising the compliance function and the role of compliance officer within a financial institution therefore requires both a thorough knowledge of laws and regulations, the customer base and a pragmatic attitude to actually get things done. Many financial institutions lack the time and knowledge to set up an adequate and high-quality compliance function that suits the nature and size of the institution.
Do you need support in setting up or optimising the compliance framework or the role of compliance officer? We have developed a roadmap to show how Enigma can assist you. If you have any questions, please contact one of our consultants. They will be happy to help you.