Compliance Management System: An Overview

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The objective of financial institutions is to overcome setbacks which arise along their path to success. They are working in a dynamic environment which is influenced by emerging technology, globalization of markets, consolidation of industries and convergence of financial services. This is why financial institutions are constantly employing business strategies to modify their products and improve their offer to customers.

To achieve a good stand in the marketplace, there is need for best practices which also include compliance. Therefore, there is a compliance management system which has been enacted to assist financial institutions. This system must be integrated into the risk management strategies of the financial institution. Compliance must be introduced to employees as a daily routine in management of the financial institutions.

Purpose of a Compliance Management System

The main purposes of ensuring best practice by implementing a compliance management system include the following:

Components of Compliance Management System

There are three elements of compliance management system, these are:

Compliance management systems are important in order to implement and maintain best practices. Additionally, there are software applications which have been designed to assist with compliance management.

Further reading: Corporate Governance | Audit | Performance Improvement

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