Compliance Risk Framework

Singapore University of Social Sciences

Compliance Risk Framework (FIN575)

Synopsis

FIN575 Compliance Risk Framework draws on the knowledge acquired in FIN571 Compliance, Regulations or the Regulatory Environment and FIN573 Financial Crime Compliance with the principal objective of designing and implementing an effective compliance risk management framework for a financial institution. Students will learn to identify and measure compliance risks, adopt a risk-based approach to addressing compliance risks, design effective controls and monitoring program, as well as understand how to regularly review compliance risks, controls and monitoring landscape to ensure that the compliance risk framework remains fit for purpose. Throughout this course, students will also learn to appreciate the importance of designing a compliance risk management framework that is commensurate with the financial institution’s scale, business model and risk profile.

Level: 5
Credit Units: 5
Presentation Pattern: EVERY JAN

Topics

Compliance risks within a financial institution
Different approaches to identify compliance risks
Measurement of compliance risks
Compliance-related controls to address compliance risks
Risk-based approach to compliance controls
Test of control effectiveness
Develop an appropriate compliance monitoring program
Risk-based approach to a compliance monitoring program
Implications of compliance monitoring outcomes
Putting risks, controls and compliance monitoring together within a compliance risk management framework
Design, implementation and regular review of a compliance risk management framework
Emerging compliance issues and their impact on the compliance framework

Learning Outcome

Assess common compliance risks that can arise in a typical financial institution, and compare these with the unique compliance risks that may arise in financial institutions focusing on specific business activities.
Design feasible and appropriate controls to address compliance risks.
Design an appropriate compliance monitoring program to address compliance risks.
Analyse how compliance risk management frameworks differ between financial institutions.
Evaluate how emerging compliance risks will alter the existing compliance risk management framework.
Create a risk-based compliance risk management framework commensurate with the financial institution’s scale, business model, and risk profile.

Part-time Programmes / CET Courses

IBF Accreditation
This course has been accredited under the IBF Standards and is eligible for funding under the IBF Standards Training Scheme (IBF-STS), subject to all eligibility criteria being met.

Students who successfully complete the course progress towards obtaining the IBF Qualified (Level 1) Certification.

About IBF Certification
This course addresses the following Technical Skills and Competencies (TSCs) and proficiency level:

Compliance Mindset Management (Proficiency Level 3)
Monitoring and Surveillance (Proficiency Level 3)
Regulatory and Legal Advisory (Proficiency Level 3)
Regulatory Compliance (Proficiency Level 3)
Risk and Compliance Reporting (Proficiency Level 3)
Stakeholder Management (Proficiency Level 3)
Industry Knowledge (Laws and Regulations): Financial Markets (Proficiency Level 2)
Industry Knowledge (Products): Financial Markets (Proficiency Level 2)

Participants are encouraged to access the IBF MySkills Portfolio to track their training progress and skills acquisition against the Skills Framework for Financial Services. You can apply for IBF Certification after fulfilling the required number of Technical Skills and Competencies (TSCs) for the selected job role.

Find out more about IBF certification and the application process on https://www.ibf.org.sg/home/for-individuals/ibf-certification/why-be-ibf-certified.