The Future for Compliance – Best Practice and Delivering Value
Of course, this is a simplistic view, and most Compliance Officers have responded to their many external and internal pressures by falling somewhere in between. They take a purist line when it suits them; normally when line management is seeking to abdicate responsibility for an activity that can only rest with itself. And when it is clear that management is less than fully capable of the task in hand, the Compliance Department steps in to provide the independent talent required to get the job done properly; a pragmatist’s response.
The Financial Services & Markets Act 2000, implemented on ‘N2’ (1 December 2001), will have a huge impact on this debate. One of the cornerstones of the new Act is the acceptance by senior management of its responsibilities. Compliance should now be forcing line management to accept its responsibilities, allowing the Compliance function to focus on its role.