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The Future for Compliance Best Practice and Delivering Value

Management information and technology

Across the financial services industry, Compliance Departments have developed a wide range of Compliance dashboardsin order to help them perform their role as monitor of the Compliance risk profile of the business. They all have the same purpose; to provide a digest of the KPIs of the organisation, allowing Compliance and line management to monitor the Compliance risk profile of the firm. Most dashboards are presented as paper-based reports and summaries.

The examples we have seen (and in some cases helped develop) vary hugely in terms of their content, sophistication and presentation style, but they all have one feature in common; feedback to management regarding a number of KPIs, a fundamental requirement of good corporate governance. Examples of the KPIs we have seen are:

  • Business quality statistics arising from various activities

  • Exception reporting (e.g. KYC checks, fact find quality,

market transactions)

  • Results from Compliance field audits

  • Complaints statistics

  • Other Management indicators (e.g. Life industry persistency rate)

Some dashboards go further and amalgamate KPIs relating to sales activity:

  • New account openings and business volumes by product and customer type

  • Market share information (e.g. Market commissions or premium income)

  • Activity statistics (number of client appointments, interviews and

presentations and the conversion rates for each)

  • Spans of control

Training & Competence statistics are also sometimes found, such as:

  • Number of appraisals conducted (sometimes showing key results

such as satisfactory/not satisfactory)

  • Number of sales observations conducted

  • Appraisals and observations outstanding

  • Advisers achieving competence



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