The Relationships Surrounding the Compliance Department
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A) What are the benefits of ensuring good relationships between the Compliance Department and other departments within the business? What is likely to be the negative impact of not doing so? How do regulators in your jurisdiction view the significance of the relationship of compliance within the business unit?
b) What actions would you take to ensure the reputation of the Compliance Department and provide the business with a good, proportionate compliance service? What skills would you, as Compliance Officer, need to demonstrate in order to assist you in this? hide problem
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What are the benefits of ensuring good relationships between the Compliance Department and other departments within the business?
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a) What are the benefits of ensuring good relationships between the Compliance Department and other departments within the business? What is likely to be the negative impact of not doing so? How do regulators in your jurisdiction view the significance of the relationship of compliance within the business unit?
The major benefit of ensuring good relationship between compliance department and other departments is that compliance officers will be able to perform their duties more effectively and efficiently by securing full cooperation and support from employees in other departments. Further, departmental employees will also adhere to instructions and directions from the compliance department in a prompt manner.
The likely negative impact of not doing so is lack of cooperation between compliance and other department, thereby leading to risks of non-adherence to laws and regulations due to inefficient functioning of the compliance department.
Regulators in my jurisdiction consider strong relationship between compliance and other department a critical success factor for proper functioning of an organization as per prescribed laws and regulations. Regulators feel that such relationship can go a long way in ensuring smooth functioning of the compliance department and ensure that organizations complies to each ...
Education
- BComm, University of Delhi
- Post Graduate Diploma in Management (Equivalent to MBA), All India Management Association
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