What, in Your View, are the Key Features of an Effective Regulatory Compliance Function within a Regulated: Risk Management and Compliance Assignment, UCD

Assignment Overview:

What, in your view, are the key features of an Effective Regulatory Compliance Function within a regulated financial services firm (Please choose the type of regulated entity that you are basing your response on from the following list: Bank, Insurance Company, Investment Firm, Payment Institution)?

In your answer depict an appropriate:

1. The remit of the Compliance function (Applicable regulation, legislation, codes, and guidance).
2. Role and Responsibilities of the Compliance function (activities are undertaken by the compliance function in the performance of their role).
3. The mandate of the Compliance function (authority, standing, and access provided to function necessary to carry out their role).
4. Governance structure and Operating Model of the Compliance function (reporting lines, committee structures, independence).

All of the answers above should be supported by reference to regulatory and legislative requirements, as well as best practice principles that would best meet the objectives of an effective function.

Please draw upon case studies/ interviews/ published enforcement activity notices as examples of where ineffective regulatory and risk management has contributed to regulatory failings of firms, as well as where functions have supported a firm to better manage regulatory challenges.