Currently two Acts of Parliament, FAIS and FIC, make it obligatory on all financial service providers to comply with legislation by, amongst other requirements, having an appropriate risk management system and procedures in place.
We undertake to perform a risk management due diligence of our client’s practice and thereafter implement a compliance monitoring system that will not only comply with legislative requirements but will also help to maintain the sustainability of the practice.
Some of our responsibilities include:
- Developing, initiating, maintaining, and revising policies and procedures for the general operation of the compliance monitoring programme and its related activities to prevent illegal, unethical, or improper conduct.
- Monitor, and where necessary, coordinate compliance activities of departments to remain abreast of the status of all compliance activities and to identify risks.
- Identify potential areas of compliance vulnerability and risk; develop and implement corrective action plans for resolution of problematic issues.
Included in this consulting service is:
- Assistance on any client complaint by advising on complaint resolution (mediation).
- Temporarily acting as a Key Individual in the event of the demise of the sole proprietor/member/shareholder of the provider, with the consent of the FSB.
- Perform all the duties and responsibilities of a Compliance Practitioner including the completion and submission of the Annual Compliance Report.
- Maintain legal and technical knowledge relevant to the business of the provider.
- Liaise on the FSP’s behalf with the Financial Services Board when necessary.
- Providing a website which contains valuable information, including downloadable documents such as the following:
- all registers
- a comprehensive library containing all FAIS, FICA and associated requirements
- Develop, initiate, maintain and revise policies and procedures for the general operation of the Compliance Programme including the Risk Management Plan (compulsory for FAIS) and its related activities to prevent illegal, unethical, or improper conduct.
- Periodically review and update information
- Assist with the response of alleged transgressions committed by the FSP.
- Identify potential areas of compliance vulnerability and risk, including reputational risk and assist with the development and implementation of corrective action plans.
- Provide reports on a regular basis to keep you informed of the operation and progress of the Compliance Programme.
- Ad hoc coaching and mentoring of intermediaries and their staff