Compliance in Financial Services Sector

Samuel Hendry 12.10.2018

Compliance in Financial Services Sector
Dr Niels Angermueller 
Professor at Harz University
Monday, 8th October 2018

I attended an interesting evening in the German Irish Chamber of Industry and Commerce on Monday evening entitled Compliance in Financial Services Sector.  Dr Niels Angermueller spoke about the compliance regime across Europe and the similarities between Germany and Ireland from a compliance perspective within financial services.  

Dr Niels spoke about the 3 lines of defence and the importance over the past 6 years since Basel was introduced of developing these 3 clear lines in any financial services organisation.  1st line – day to day business activities (controls monitoring), 2nd line – where risk and compliance comfortably sit and 3rd line – Audit – the last line in the defence regime.  

The Regulators across Europe need to see a clear structure across insurance, banking, and any financial services regulated entity to ensure that a risk culture is fully embedded and to insulate against breaches / fines that Regulators are not afraid to meat out.  

A key take home from Dr Niels was that the fundamentals around how a compliance and risk regime should be embedded in any business can apply literally to any non-financial services operation.  Good governance is good governance regardless of the industry in which you operate.

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