All members of the Compliance department are responsible to take part in the execution of their part of the Compliance Action Plan within their area of expertise and together with the other team members, in order to ensure :
Ensuring a proper “policy framework” in its areas of expertise and testing and controlling this framework, taking into account all current legal, regulatory and statutory requirements, as well as implementing appropriate second line controls, monitoring and substantive testing measures within the company and (partially) on the first line controls.
B. Regulatory Watch (Tracking legislation and other regulations regarding compliance)
Organize, follow up and keep track of the various national and international regulations and the way they are interpreted regarding the compliance domains. This includes also internal and external audit reports, minutes of Board meetings, information and notes from the supervisory authorities.
C. Compliance Risk Assessments
Identifying, examining, update and properly evaluating the compliance risks in cooperation with relevant departments / process owners and the policy framework around the management of these risks.
D. Annual Compliance Action Plan and Reporting
Part of the annual tasks is to provide an annual compliance plan with a detailed description of the nature and frequency of the tasks that the department will carry out within the time period.
In addition to the annual report of the compliance function, a specialized annual report on anti money laundering and on Privacy has to be prepared (and transmitted to the supervisory authorities). In case of detection of fraud, incompliance, litigations or money laundering, additional specific ad hoc reports have to be provided.
Furthermore the assurance of proper reporting on FATCA & CRS towards authorities is also in the responsibility of Compliance.
Ensuring effectiveness and documentation of the 2nd line monitoring framework is part of the function.
F. Regulatory contact
Ensuring capture, follow up and proper answers to the Regulators' requests is an important part of the work of the Compliance department.
G. Training & Awareness (Training staff)
Part of the job of the Compliance department is to facilitate compliance by ensuring that directors, management and staff members receive appropriate compliance training and that there is an adequate level of awareness with respect to compliance risk within the organization.
H. Advisory role (Providing advice and communication requirements)
Pragmatic and documented advise has to be provided to the “Business” upon request, where related issues or projects are detected, under design or implementation.