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Send  Share  RSS  Twitter  03 Nov 2009

FINANCE: Outsourcing Compliance Officers

 





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The Financial Advisory and Intermediary Services Act of 2002 (FAIS), requires financial services providers (FSPs) to appoint a compliance officer to assist management in complying with the Act. It also allows for the appointment of an external provider of compliance services if this makes better economic sense.

An organisation cannot outsource its regulatory obligations and responsibilities. But, a number of tasks can be outsourced as long as the contractors are suitably qualified and experienced and providing that certain principles, standards and guidelines are followed.

These are set out in the Generally Accepted Compliance Practice Framework (GACPF). The Framework provides a set of standards and norms that act as a benchmark for compliance best practice. It also provides a code of ethics and professional conduct for compliance officers that provides a standard of behaviour and conduct.

As outsourcing the compliance position can affect an organisation’s regulatory and operational risk, one of the most important practices when outsourcing is to set up key risk indicators in advance and define performance measurements.

In conclusion, the new levels of professionalism and tighter admission requirements for compliance officers envisaged by the Financial Services Board are a welcome development.


 
 
 
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