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Best Practice and Delivering Value The Future for Compliance

Essential ingredients

The eight essential ingredients we have identified are:

Centralised oversight

Control objectives and operational accountability

Staff knowledge and understanding

Documented policy and practice

Documented and monitored action plans

Communication both up and downstream

Regular monitoring and reporting

Independent verification

We have found that even the absence of just one of these ingredients can have a profound impact on the ability of a Compliance Department to deliver at the highest level. We will consider each ingredient in the remainder of this paper.

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PricewaterhouseCoopers

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