Course Code: FIN575
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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 REGULAR SEMESTER

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

Participants are advised to assess the suitability of the course and its relevance to his/her business activities or job roles.

The IBF-STS is available to eligible entities and individuals based on the prevalent funding eligibility, quantum and caps. IBF-STS provides up to 70% course fee subsidy support for direct training costs subject to a cap of S3,000 per candidate per course subject to all eligibility criteria being met.

Find out more on www.ibf.org.sg.

IBF Certification for courses eligible for IBF Qualified (IBFQ)

Participants who successfully complete this course and fulfill the required number of Technical Skills and Competencies (TSCs) for the selected job role can apply to be conferred the IBF Qualified (IBFQ) certification status.

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