A compliance framework is a structured set of guidelines and best practices that details a firm’s processes for how it meets regulatory requirements.
A firm will need to consider the following when building a compliance framework:
Understand its basic and fundamental regulatory requirement and business activities
Scope how the business is to achieve its regulatory requirements through the business model and governance arrangements.
Maintenance of the framework through monitoring, updates and staff training.
Key learning objectives:
What is a Compliance Framework?
Scoping a Compliance Framework
Maintaining a Compliance Framework