The compliance function is vital to any financial services firm, protecting it from potentially severe legal, financial, and reputational risk. However, the regulatory environment is complex, and the correct course of action is not always clear. Human factors and ethical dilemmas further complicate matters, meaning that in practice, beyond ticking the boxes of basic regulatory compliance, officers must exercise discretion and judgement, taking a risk-based approach when making compliance decisions in more advanced areas.
Advanced Strategies for Financial Services Compliance outlines the more advanced issues compliance officers are likely to face, including conflicts of interest, Chinese walls and above the wall conditions, conduct risk, market manipulation, bribery and corruption, and advanced anti-money laundering. The book then goes on to offer guidance on techniques and approaches for managing the compliance function and its relationships with internal and external stakeholders, including inherent quality of controls, handling relations with regulators, dealing with difficult people, reporting, and training. Throughout the book, points are illustrated with case studies from the author’s extensive experience.