Compliance Institute Southern Africa Shares its Compliance Management Plans
(EMAILWIRE.COM, July 20, 2015 ) Johannesburg -- According to the information officer of the Compliance Institute Southern Africa, the organisation has grown to be significant. He comments, "Since the establishment of the Compliance Institute Southern Africa 18 years ago. It has become an influential partner for businesses across a wide range of industries by setting, maintaining and promoting best practice and standards for the compliance profession. The Institute is registered as a Non-Profit Company (NPC) in terms of the Companies Act 71 of 2008 and its vision is to be an independent, professional body for all compliance professionals."
He noted the main objectives of the organisation, "the Compliance Institute Southern Africa supports the regulation, encouragement and promotion of compliance practices. Promoting the professional status, the image and the credibility of all members, by focusing on international spheres of compliance. It is beneficial to identify, establish, maintain and promote international standards of compliance and best practices. The Compliance Institute facilitates forums for the exchange of information and ideas within compliance and its surrounding areas among members and all the other stakeholders.''
He adds, "The Institute promotes education and training. Ensures that all its members and other stakeholders are stimulated professionally within the field, by alerting members of new developments and any changes to the compliance legislation. The relevant authorities even monitor all the interpretations and applications of such legislation changes. Organisations and businesses need to have a synergistic rapport built between them and compliance issues and the Institute incorporates all these factors. Liaison with similar organisations and businesses is done in other countries.''
He mentioned that the Compliance Institute Southern Africa is the number one provider of accredited designations for all compliance professionals. Compliance management courses are available and compliance certificates are issued. A compliance officer stated that the institution strives to establish, maintain, promote standards and code of ethics of compliance functions. He said, "Professionals must oblige to requirements within compliance and Governance is important. The Institute's strategic direction rests wholly on the responsibility of the Board. However, the day-to-day management rests with the Chief Executive Officer, supported by the Executive Committee."
He added. "The Maturity of the compliance function as increased. Financial service providers are increasingly relying on compliance officers to provide them with guidance and recommendations regarding their regulatory responsibilities," says Gerry Anderson - Deputy Executive Officer, Financial Services Board. Over the past decade, organisations are increasingly relying on their Compliance Officers because compliance officers are the ones that provide them with guidance and recommendations regarding all their regulatory responsibilities. This makes the Compliance Officer an important extension of their monitoring structures within their industry, Compliance Officer education is therefore very important."
He clarified that ultimately it was the responsibility of management and the board in understanding and overseeing the management of compliance, with the relevant and applicable laws, codes and standards. The roles and responsibilities of the Compliance Officer are to assist in discharging these responsibilities. Through facilitating the establishment of an efficient and very effective compliance risk management process as well making sure it is being developed and maintained.
He stated the three types of risk faced by organisations. "Operational Risk, Market Risk and Credit Risk. A compliance risk comprises of regulatory and reputational risk. Any risk that is not complied with the businesses regulatory requirements or excludes the provisions of relevant regulatory requirements from its operational procedures is known as Regulatory Risk. Any exposure to negative comments or opinion through negative publicity. Public sanctions by regulators, bad word of mouth on behalf of staff members, competitors, customers and other stakeholders in contravention of applicable regulatory requirements of the business is known as reputational risk. It is important to have a compliance risk management plan."
He adds, "The establishment of independent compliance functions and officers originated through the Institute within the financial industry. Due to its regulated nature, but the increased importance of such compliance components has become a much greater demand for more and more businesses and organisations form a wide variety of different industries. The Compliance Institute Southern Africa endeavours to enable professional compliance throughout many industries."
Visit http://www.compliancesa.com/ for more information.
About Compliance Institute of Southern Africa:
Compliance Institute Southern Africa is a Non Profit Company with a vision to be independent, professional body for all compliance professionals. Its main objectives are to establish, maintain and promote standards for compliance fuctions and compliance officers. The strategic direction of the Institute is the responsibility of the Body. The daily management rests with the Chief Executive Officer, supported by the Executive Committee.
Compliance Institute of Southern Africa
Ms J Methven
011 642 7974
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