Targeting compliance has been saved
The changing role of compliance in the Financial Services Industry
Chief Compliance Officers should be proactive in addressing the immediate needs of their compliance function
The combination of the global financial crisis that started in 2008, challenges in respect of the mis-selling of Consumer Credit Insurance and the recent fines being imposed by the South African Reserve Bank (SARB) in respect of non-compliance with money laundering regulations by major South African banks have exposed weaknesses in the regulation, governance, culture and standards across the whole of the financial services industry, making these key risk for the board. In addition, the pending release of King IV and its increased focus on the substantive outcomes of compliance efforts as opposed to formulaic tick box compliance, has reinforced the need for a compliance function which clearly achieves the desired compliance outcomes. The role of the Compliance Officer (CO) has thus become critical.