Regulatory Compliance Specialist (RCS)

A Regulatory Compliance Specialist course prepares professionals to design, implement, and monitor organizational frameworks that ensure adherence to laws, regulations, and industry standards. The training focuses on risk-based approaches, regulatory communication, and internal controls to protect an organization's reputation and avoid penalties.

Learning Objectives

1. The International Context

• Understand the role and significance of international regulatory bodies such as the Bank for International Settlements (BIS), Basel Committee on Banking Supervision (BCBS), and Wolfsberg Group.
• Gain awareness of different international regulatory frameworks.
• Identify the importance of international and regional laws in shaping regulatory compliance.

2. Risk-Based Approach & Compliance Monitoring

• Learn about compliance with direct regulatory bodies' instructions and the importance of adhering to regulatory requirements.
• Understand the concept of legal compliance and the significance of complying with internal policies.
• Explore the independence of the compliance department and its location within the organizational structure.
• Gain knowledge of the organizational structure and its impact on regulatory compliance.
• Understand how a compliance department can be structured and its relationships with other departments within the institution, including Internal Audit, Legal, Risk, and the Chief Executive Officer (CEO).
• Identify the board's responsibilities in relation to corporate culture, values, risk appetite, management, control, and oversight of senior management.

3. Compliance Policies

• Understand what should be included in a compliance policy and its importance in guiding compliance activities.
• Learn about the scope and purpose of a compliance policy and its role in defining compliance expectations.
• Explore the executive management's role in terms of compliance and their responsibilities in ensuring compliance culture.
• Analyse the compliance personnel qualifications and the skills required for effective compliance management.

4. Compliance Monitoring and Examination Process

• Understand the five stages of the compliance monitoring and examination process.
• Learn about the first stage: Request for Information (RFI), and its purpose in gathering necessary compliance-related information.
• Explore the second stage: Periodic Regulatory Reports and their significance in reporting compliance status.
• Familiarize yourself with the third stage: Regulatory Inventory Matrix (RIM) and its role in assessing regulatory compliance requirements.
• Understand the fourth stage: Regulatory Control Matrix (RCM) and its importance in mapping control activities.
• Learn about the fifth stage: Compliance Examination and its role in evaluating the effectiveness of compliance measures.

5. Compliance Risk Assessment

• Understand the purpose of a risk assessment in regulatory compliance.
• Learn about the frequency of risk assessments and the importance of conducting them regularly.
• Identify who should conduct the risk assessment and the role of various stakeholders in the process.
• Explore compliance risk assessments in practice and the methods used to assess and mitigate compliance risks.
• Gain knowledge of control types and functions and their significance in managing compliance risks.
• Define the concept of multiple controls and their role in strengthening regulatory compliance.

Chapter 1 —THE INTERNATIONAL CONTEXT.

• Bank for International Settlements (BIS)
• Basel Committee on Banking Supervision (BCBS)
• Wolfsberg Group
• European Data Protection Act (General Data Protection Regulation - GDPR)
• International and Regional laws

Chapter 2 — THE PRACTICAL ASPECT OF THE COMPLIANCE FUNCTION

• Compliance with Direct Regulatory Bodies’ Instructions
• Compliance with Internal Policies
• Independence of the Compliance Department and its Location within the Institution’s Organisational Structure
• How Might a Compliance Department be Structured?
• Relationship of the Compliance Department with Other Departments Within the Institution
• Corporate Culture and Values
• Risk Appetite, Management and Control
• Oversight of Senior Management
• Organisational Structure

Chapter 3 — Compliance Policies

• Compliance Policy
• Compliance Personnel Qualifications
• New Product or Business Implementation
• Project Stakeholder Participating in Regulatory Examinations and Audit Discussions

Chapter 4 — COMPLIANCE MONITORING AND EXAMINATION PROCESS

• First: request for information (RFI)
• Second: periodic regulatory reports
• Third: regulatory inventory matrix (RIM)
• Fourth: regulatory control matrix (RCM)
• Fifth: compliance examination

Chapter 5 — COMPLIANCE RISK ASSESSMENT

• Purpose and frequency of a risk assessment
• compliance risk assessments in practice control
• type and function
• Multiple controls
• Next examination date
• regulatory compliance reports
• Conclusion