RCS – Regulatory Compliance Specialist

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.

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 organisational structure.
• Gain knowledge of the organisational 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 concerning corporate culture, values, risk appetite, management, control, and senior management oversight.

Compliance Policies

• 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.
• Understand 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.

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.