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Course outline and objectives
Two of the FCA's statutory objectives (protecting the consumer and maintaining the integrity of the UK financial system) have financial crime prevention at their core. The FCA has a sub-objective to limit the extent to which regulated firms can be used for the furtherance of financial crime.
This half-day course explores the breadth and depth of those obligations and how they affect the roles of Risk and Compliance professionals. It examines how best to leverage existing tools available, draws on innovative techniques originating in cyber security to improve resilience and examines what effective financial crime governance looks like.
By attending this session, participants will:
- Understand the breadth and depth of what constitutes "financial crime"
- Understand how the FCA's requirements fit into the broader legislative, control and regulatory framework
- Understand the extent and nature of their oversight and advisory roles to the Board and the business
- Recognise how to leverage existing tools such as the risk assessment, risk appetite statement and the Conduct Risk Framework
- Recognise how risk assessment approaches to financial crime can differ from those of operational and compliance risk
- Understand what guidance from FCA and other sources is available and how to leverage it
- Understand how applying a "Hacking" mindset and concepts such as "red teams" can improve the resilience of systems and controls
- Understand the links between financial crime and the Consumer Duty and how they affect each other
- Understand what "good" looks like in terms of senior management oversight and governance and their role in delivering it
Topics may include but are not limited to:
- What is "financial crime"?
- The legislative and regulatory framework
- The roles of Risk and Compliance within the financial crime framework
- Leveraging existing tools
- Risks and risk assessment
- "Hacking" mindset
- The Consumer Duty
- Governance and oversight of financial crime controls - what does "good" look like
