WHITEPAPER: Elements of a Modern Compliance Training

The Three T’s for Training

State of Compliance TrainingIn recent years, companies – especially large multinationals – have started to take a more sophisticated and self-critical view of how they manage compliance training. Organizations large and small are creating or bolstering standalone compliance functions to guide, monitor, and measure adherence to ethics, compliance policies, and local and international regulation.

Historically companies have put most of their focus into creating robust policies and procedures and have skimped on training. Dozens of recent – and spectacularly expensive – compliance failures illustrate that policies alone do not make an effective compliance culture.

Read the latest whitepaper from Thomson Reuters Accelus that examines how organizations are moving past policies and procedures and striving to fully engage employees in training.

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How do you keep up with the increasing international action against corruption?

Manage your company’s reputational risk

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Corruption has been a global phenomenon which affects businesses, both in private and public sectors. As companies expand globally, they are facing corruption exposures in various forms which in some cases lead to heavy fines.

Organisations are constantly challenged by changing legislative demands. Authorities everywhere are stepping up their enforcement activities, new legislation with a stronger global reach has been implemented, and there are continual updates to existing anti-corruption legislation.

Some organisations may be more at risk than others because they operate in unfamiliar locations and territories where local practices can cause the organisation to unwittingly transgress international legislation. To keep up, organisations need to regularly revise their compliance programs, and this requires dedicated, and costly, resources.

How can Thomson Reuters Accelus help you?

Accelus for Anti-Corruption is chosen by organisations around the world to substantiate their compliance program. Our solution supports the client’s risk-based approach by offering a consistent understanding of business associates through training, screening, geopolitical risk ranking, and due diligence reporting.

Why Accelus for Anti-Corruption?

  • Ethical, legal, and discreet
  • Cost-effective
  • Rapid turnaround times
  • Negative media coverage
  • In-house skills ensure high quality and protection of data
  • Global coverage, local knowledge

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MAS Technology Risk Management Guidelines: Are you compliant?

The Impact of the MAS Technology Risk Management Guidelines

?????????????The Monetary Authority of Singapore (MAS) recently issued a reminder that Financial Institutions (FIs) are responsible to conduct comprehensive due diligence and staff training for effective Technology Risk Management. Click here to know more about the guidelines.

Updates from MAS

In June 2013, MAS released a Technology Risk Management Guideline to set out risk management principles and best practice standards for FIs. Some of the key expectations the guideline sets are:

a. Establishing a sound and robust technology risk management framework
b. Instilling effective due diligence processes in people selection and IT outsourcing procedures
c. Ensuring IT security awareness throughout the organisation with comprehensive staff training

Though the guideline is not legally binding, a degree of risk is associated with not complying with these set out practices. In particular, the impact on customers will be immediate and thus eventually affecting reputational damage, regulatory breaches, revenue and business losses.

Have you conducted your due diligence?

As people play an important role in managing systems and processes in an IT environment, FIs are encouraged to implement a screening process that is comprehensive and effective. This will involve due diligence on staff, vendors and contractors such as outsourced service providers to ensure that any review or assessment for regulatory, audit or compliance purposes can be carried out. Regulators are authorised to inspect, supervise or examine the service provider’s role, responsibility, obligations, functions, systems and facilities, if required.

Thomson Reuters World-Check Risk Intelligence ensures that sanctioned and unsanctioned risk are covered for you in a timely manner, putting you one step ahead of risk that could appear in your business and human networks. In addition, Thomson Reuters IntegraScreen™ conducts background checks on outsourced service providers to obtain intelligence on their financial status, industry reputation, their reliability and identify any issues concerning technology breaches.

Have you trained your internal staff and service providers?

A prerequisite of any effective compliance program is the communication to and consistent training of employees relative to internal policies and procedures. With the above guideline requirements, an increasingly mobile workforce and shrinking developmental budgets, compliance officers need to satisfy the delivery of accurate, engaging, and cost-effective training, while evidencing comprehension and completion of such training. Moreover, the training program needs to be updated annually so your workforce stays up-to-date with industry best practices.

Thomson Reuters eLearning offers comprehensive and cost-effective training solutions around IT Security Awareness which are already being used by some of the large local banks. Our training solutions are quick to implement within your organisation and will help you to meet the training standard MAS sets out in this guideline.

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