Question B)
Following from our first meeting your comments that you made in regards of the department not doing enough to catch the business out and that we should be tougher gave me as compliance officer some concerns, these concerns will need to be addressed. Doing the right thing in the order of compliance is important for the business, we are constantly ensuring that we are putting function into place to make sure that our consumer are treated fairly, any information of business practices that are unclear made clearer and that all relationships between each department is close knit and working to together effectively to ensure the business runs in a compliant manner.
Annie Mills states “ The compliance department cannot by itself bridge …show more content…
The vision of this business is not to catch out one another, as this would create a division within the business, the model of this is to ensure that clear effect information is passed onto the relevant people. The consequences of having this attitude towards the people in this business would be a negative one, you will have one side of the business that will see compliance as a hindrance to the business and the other side of the business that sees compliance as a positive tool, the culture of the business is to ensure that we are together as one and to ensure regulatory frame work is committed to.
As compliance officer you are expected to able to communicate your findings to all levels of business, you are expected to be a good person who is able to sell the understanding of good compliance concept to rest of the business. Primarily you are acting as an advisor to the business where you are confident to voice your opinion on a matter even if the potential barrier of this may be unpopular. Having your views is not diplomatic, not part of the vision and could cause detriment on the compliance
Following from our first meeting your comments that you made in regards of the department not doing enough to catch the business out and that we should be tougher gave me as compliance officer some concerns, these concerns will need to be addressed. Doing the right thing in the order of compliance is important for the business, we are constantly ensuring that we are putting function into place to make sure that our consumer are treated fairly, any information of business practices that are unclear made clearer and that all relationships between each department is close knit and working to together effectively to ensure the business runs in a compliant manner.
Annie Mills states “ The compliance department cannot by itself bridge …show more content…
The vision of this business is not to catch out one another, as this would create a division within the business, the model of this is to ensure that clear effect information is passed onto the relevant people. The consequences of having this attitude towards the people in this business would be a negative one, you will have one side of the business that will see compliance as a hindrance to the business and the other side of the business that sees compliance as a positive tool, the culture of the business is to ensure that we are together as one and to ensure regulatory frame work is committed to.
As compliance officer you are expected to able to communicate your findings to all levels of business, you are expected to be a good person who is able to sell the understanding of good compliance concept to rest of the business. Primarily you are acting as an advisor to the business where you are confident to voice your opinion on a matter even if the potential barrier of this may be unpopular. Having your views is not diplomatic, not part of the vision and could cause detriment on the compliance