2022年合规官需要考虑的10件事

Ten things complianceofficers need to Heading into 2022, the pandemic should have been inthe rear-view mirror, but instead the world is dealingwith the impact of another variant of COVID-19. Onelesson financial services firms and their complianceofficers have learned is the importance of operational The need for operational resilience encompasses everyactivity a firm undertakes and is even more critical forany activity carried out by a third party. The continuingdisruption caused by the pandemic has highlighted justhow critical it is for firms to know who they are dealingwith and to map exactly what is happening, and where. Policymakers and regulators alike are focused onoperational resilience. This is defined as the ability offirms, financial market infrastructures and the financialsector as a whole to prevent, adapt and respondto, recover and learn from, operational disruption. Risk and compliance officers will play a central role inpreparing their firms for all eventualities. The followingis a list of things they need to consider in 2022. Shifting individual accountability The concept of personal liability for senior managers infinancial services firms is not new. What is new is thechanging perception of the potential sources of liabilityand how regulators are interpreting accountability.Accountability and enhanced corporate governance regimes was banned and fined $1.9 million. Both were involved incarrying out unauthorised financial service activities and For compliance officers, it is a double whammy; notonly do they have to help their firm navigate the shiftingexpectations of fit and proper and compliance breachesbut they themselves, on a personal basis, need to be wary The matter was the subject of a proposal by the New YorkCity Bar Association, which recommended a frameworkfor senior compliance officer liability to seek to addressthe “sustained tide of concern” arising from enforcement Firms are wary of the potential for reputational andother damage, and this has implications for individuals— even those at the most senior levels. Examples ofnon-financial misconduct have included everything fromstealing sandwiches to failing to pay for train tickets tomanipulating college admissions. In one high-profile case, The wider challenge is that career-ending enforcementactions can potentially discourage individuals frombecoming or remaining compliance officers andperforming vital functions that regulators, stretched toothin, would otherwise be unable to undertake. This is The rise in the number of non-financial misconduct caseshas taken place alongside more mainstream enforcementactions. Just one example is the action taken by the DubaiFinancial Services Authority against senior individuals at Vulnerable customers Compliance officers have long been aware of the needto ensure consistently good customer outcomes. Avulnerable customer is someone who, due to theirpersonal circumstances, is especially susceptible to Not all customers who have vulnerable characteristicswill experience harm. They may, however, be morelikely to have additional or different needs which, iffirms fail to meet them, could limit their ability to makedecisions or represent their own interests, putting themat greater risk of harm. Compliance officers therefore Previously, these characteristics have included: poorhealth, such as cognitive impairment; life events, suchas new caring responsibilities; low resilience in terms Firms now need to add to the list of vulnerabilitycharacteristics the possible impact of digitaltransformation. Many financial services firms haveleveraged digital transformation and deployedenabling technologies in response to the pandemic, Personal account dealing Hybrid or non-office working environments haveprompted a regulatory focus on the potential for Specifically, Davy lacked a control frameworkto prevent employees from executing personaltransactions that could give rise to a conflict of interest.The senior employees concerned circumvented the The issues occurred pre-pandemic, but the impactand implications of a personal account dealing fineimposed by the Central Bank of Ireland (CBI) shouldbe taken as a warning to all. In March 2021, the CBIreprimanded J&E Davy and fined it 4,130,000 euros The fallout from the personal account dealing failingshas been profound. The chief executive steppeddown, and Davy lost its role as primary dealer in Irish Davy was Ireland’s largest stockbroker and wealthmanager, with approximately 48,000 active clients and8.5 billion euros assets under management. The CBIfound that Davy prioritised facilitating an opportunityfor personal financial gain over ensuring that it was Cyber resilience Information and cyber-security risks have increased duringthe pandemic, with the financial sector reported to havebeen hit more often by cyber-attacks than most othersectors since the pandemic started. As just one example,data on attacks has highlighted a strong link between th