BSI develops compliance standard
Share
The UK’s national standards body, BSI, has developed a voluntary standard for compliance teams working within financial services firms.
The standard, developed in consultation with stakeholders, sets out a common methodology, process and good practice which can be adopted by compliance teams in both retail and wholesale financial firms.
BSI says the standard will be voluntary but will seek to complement existing regulation. It aims to enable organisations to demonstrate regulatory compliance and assurance more easily through a consistent, transparent, auditable approach.
Unlike professional qualifications, the standard will not focus on individual competencies, but on business and operational processes.
BSI says compliance with the standard is expected to help reduce the risk of compliance failures and offer greater reassurance to senior management and stakeholders that regulatory requirements are being met and managed appropriately.
A draft of the standard will be available for public comment in Spring 2010 with publication expected late 2010.
BSI director of standards Mike Low says: “Once published, this standard will provide a robust and consistent framework within which an organisation will be able to administer and manage its compliance programme, providing reassurance to senior managers, regulators and customers by reducing the risk of compliance failure. BSI is delighted to bring together the financial services industry in a proactive response to events in the financial world.”
British Bankers’ Association chief executive Angela Knight adds: “This is an interesting and challenging initiative which should improve efficiencies between and amongst compliance teams across the financial service industry and the BBA welcomes its development.”
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
