Creating and implementing an effective compliance monitoring policy

In financial services, creating and implementing an appropriate and effective compliance-monitoring programme is a challenge, which differs according to the company. All aspects must be considered - compliance, risk, internal audit, management. Essentially, senior management must be wholly committed to supporting the programme and must totally guarantee its accuracy and integrity to the Financial Services Authority (FSA) in accordance with the FSA Handbook. Compliance staff must be fully expert in monitoring and it is essential that staff generally receive extensive and dedicated training. Emphasizes that there is no such thing as one-size-fits-all and that senior management involvement, a robust monitoring programme and a highly effective team are a sine qua non.