Compliance process : 1) Identify Assets: Understand the business products/processes or services offered 2) Create a regulatory universe - catalogue or register of relevant laws applicable to the business 3) Impact of the regulatory requirements - likelihood of events occurring that involve breach/violation of laws Eg: Fines, enforcement actions, loss of reputation 4) Are the controls strong/sufficient enough to address the occurrence of events - existence, operation and effective 5) Assessment of Residual risk - rating of that risk 6) Communication to the business partners - level of risk, management of risk and exposures 7) Risk Matrix - high, medium, low risks- and the controls in place 8) Continuous evaluation of environment - being cognizant of changes in regulatory, market and business environment
I have a job interview tomorrow surrounding this field and this video was a GREAT refresher on things to remind myself that I've done in regards to conducting an AML risk assessment. Thank you for your work!
Hi , I started job in compliances Risk management department in a bank , praying for your long live , this clear my basic more than ever, its really wonderful.
Just watched the video. To refresh my memory before I undertake to do one for my business. I enjoyed the video. Previously, I did more as a tick box but watching your video reminded me that putting more effort in the application and reasoning with business will create a lasting awareness. Thank you
The Compliance Framework is the organisations overall guideline that sets out how compliance will be achieved in an organisation e.g. The Board and Management's roles and responsibilities, establishing the independence of the compliance function as well as setting out how compliance will be achieved through the compliance program. The compliance program itself then has the details for execution e.g. Regulatory Universe, Risk Assessment, Policies and Procedures, Training etc. If you'd like to learn more about the compliance program you can sign up for our Compliance Risk Management 101 online course. learning.kccompliance.co.za/Home/courses/
You're welcome. Good luck for your interview. You can also download my Compliance Interview Top 10 Q&As at our online store. learning.kccompliance.co.za/Home/store/
Thank you for the succint explanation ,appreciate it. Could you possibly follow this with real time business example based on latest technology ,,say SAAS application .
How important is construction risk management to an environmental health and safety professional? I cover New England and I never considered including risk management for inspecting construction and environmental project sites. I appreciate your feedback.
I'm not very familiar with the regulatory framework in construction but I would say that OHS is a critical component within it. It's definitely a space that needs risk management, effective controls and regular reviews of the adequacy and effectiveness of those controls. A lot of training and awareness work to also make sure employees know what is expected of them.
Your video confirmed my career goal to work in the compliance field. My question is...is there compliance management/ regulation app? It can help to automate the process.
Very interesting.. one question.. in our organisation .. Risk dept already performed the risk assesement.. should compliance do another compliance risk assessment? Thanks in advance
The risk assessment done by Risk looks at all the types of risk faced by a business, e.g. credit risk, operational risk, liquidity risk as well as compliance risk. The compliance risk assessment is focus solely on the compliance risks and should be a more detailed assessment than what would be done by the risk team. I would recommend that compliance always does its own risk assessment.
Thank you for this informative video. I have a masters degree in criminology and I want to get a job as a compliance associate. Do you have any tips on how to prepare for a job interview? Thanks.
Well I will say general role of a SME and what kind of inputs and speciality a SME can provide on Sanction regimes , PEP/AP & CR and Shell & offshores entities .....I just want to gain some insight on this please 🙏🏾... 🙂 Thank you
This is very informative and helpful! You mentioned the assessment of controls in Likelihood and the later Control Environment sections. Would you please clarify the differences further, thanks so much.
Glad you found it informative and helpful. I'm not sure Imunderstand your question though...can you please rephrase it and then I'll be happy to elaborate.
@@CompliancewithKudzai Sure, let me put it this way - When talking about likelihood, we look at our business and the controls that have been put in place; After completing the risk assessment (high, medium, or low), we look at the controls "again" and rate those controls. Since we look at the controls twice here, I'm just wondering what is the difference? Also, is there any other way to assess likelihood for compliance risks in addition to the controls in place? Thank you :)
@@林婉婷-i4d Thanks for clarifying. The first time you look at likelihood you are saying "given the controls/preventative measures we have in place, what are the chances that this risk will materialise." The focus is on the materialisation of the risk. The second time you are looking at the controls the focus is on their effectiveness. Now you are saying "how effective are these controls in managing the risk, are they adequate or do we need to do more to better manage the risk." So you are looking at the same controls but with a different lens in each case.
I liked the simple way how you are traying to explain the risk assessment, this friendly way to influence the members of the board of directors who do not have any background on the importance of having compliance with the laws from the regulatory authorities.
It's always best to explain in simple terms especially when speaking to stakeholders. They need to understand clearly so speaking in too technical terms is counter productive.
Thank you for the content Kudzai 🙏🏾. In measuring the frequency and likelihood of an event occurring, and the impact thereof, is it ideal to consider scenario analysis? Or it's a separate task from risk assessments
Evaluating the possible scenarios is useful in the assessment process but it must be backed by evidence e.g. what enforcement action has the regulator taken for similar incidents in the past when they occurred. What reputational damage occurred, was anyone fired or sent to jail.
@@CompliancewithKudzai Thanks for the feedback Kudzai. Reading your reply reminded me that a "compliance" risk assessment varies from an "operational" risk assessment. I think I mixed the two whilst watching this video.
Nice information. I would like to add some recent considerations in Compliance Risk Assessment that are used by financial institutions. Those considerations include the "Prediction of Risks". By "Prediction of Compliance Risks", i mean here that institutions in addition to past or existing regulatory requirements that are included in risk assessments, financial institutions now also predict "new or expected regulatory compliance requirements" by studying the alternative data, regulatory focus/news, use of emerging technologies, significant new compliance breaches or frauds, etc. Now without Risk Prediction, the compliance risk assessment would be the traditional one and not the dynamic. Thank you
Compliance process :
1) Identify Assets: Understand the business products/processes or services offered
2) Create a regulatory universe - catalogue or register of relevant laws applicable to the business
3) Impact of the regulatory requirements - likelihood of events occurring that involve breach/violation of laws
Eg: Fines, enforcement actions, loss of reputation
4) Are the controls strong/sufficient enough to address the occurrence of events - existence, operation and effective
5) Assessment of Residual risk - rating of that risk
6) Communication to the business partners - level of risk, management of risk and exposures
7) Risk Matrix - high, medium, low risks- and the controls in place
8) Continuous evaluation of environment - being cognizant of changes in regulatory, market and business environment
I have a job interview tomorrow surrounding this field and this video was a GREAT refresher on things to remind myself that I've done in regards to conducting an AML risk assessment. Thank you for your work!
Best of luck for tomorrow. I'm glad to have helped you prepare.
Hi ,
I started job in compliances Risk management department in a bank , praying for your long live , this clear my basic more than ever, its really wonderful.
Thank you so much! I'm glad it helped with your understanding. All the best with your job in compliance!
Thank you.
But it is good to add if not compley what will be the impact of an organization?
Great example and great explanation. I used some of this in my interview :) and it turned out great.
Excellent news!
I love this channel. Thank you Kudzai.
Glad you love it. Another How To video will be up before the end of this week....set your notifications😉
Just watched the video. To refresh my memory before I undertake to do one for my business. I enjoyed the video. Previously, I did more as a tick box but watching your video reminded me that putting more effort in the application and reasoning with business will create a lasting awareness. Thank you
I'm glad to hear that the video helped you think differently about your own process. Good luck with your risk assessment!
Thank you so much Kudzai, you are awesome🤜🤜🤜
Thank you so much. Glad you like it!
So clear, so succinct, so actionable.
Thank you
Glad to hear it! Thank you
Wonderful explanation. Well done on this video!
Thank you, glad it was helpful!
Good and clear explanation
Thank you.
Thank you for your presentation. You clarified my dark points.
Glad it was helpful to you!
Hi thanks for the workshop. It was very informative .It helped me revise my compliance and risk course.
Cheers Sarah N.
You're welcome!
Thank you for the knowledge-packed video. It gave value.
Thank you so much. I'm glad you found it valuable!
Very Informative video.
Thank you. Well explained!
My pleasure!
Really informative and well presented. Thank you!
Thank you. Glad you liked it.
Well presented Kudzai
Thank you so much. Glad you liked it.
Your initiative, acumen and presentation has inspired me. Thank you.
Thank you so much for this message🙏🏾
Nice one! Thanks Kudzai!
You're very welcome
Hi . Can you please let me know what is the difference between Compliance Framework and Compliance Program.
The Compliance Framework is the organisations overall guideline that sets out how compliance will be achieved in an organisation e.g. The Board and Management's roles and responsibilities, establishing the independence of the compliance function as well as setting out how compliance will be achieved through the compliance program. The compliance program itself then has the details for execution e.g. Regulatory Universe, Risk Assessment, Policies and Procedures, Training etc.
If you'd like to learn more about the compliance program you can sign up for our Compliance Risk Management 101 online course.
learning.kccompliance.co.za/Home/courses/
Thank you for the insight.
You're very welcome!
This is extremely helpful, thank you
You're welcome 🙏🏽
Thanks for the good content. Can you do a video on financial compliance analyst jobs roles
Hi, I hope you saw my latest video.
ruclips.net/video/iuwEuMEXPwA/видео.html
well presented and clearly explained. thank you so much...
You're very welcome.
Thanks for the video, very clear and simple! I work in FinCrime but the applicable concepts are the same!
For sure. Its applicable across subject matter expertise!
Another good one. Can you please give us an example of residual compliance risk for more clarification. Thanks
I'm actually going to do a video to explain this more clearly soon.
@@CompliancewithKudzai thanks 🙏. What certificate can you recommend later for this please.
Thank you so much! This will help me a lot for the upcoming interview!
You're welcome. Good luck for your interview.
You can also download my Compliance Interview Top 10 Q&As at our online store.
learning.kccompliance.co.za/Home/store/
Thankyou Kadzai, it's really informative video. By watching this we can feel how the process works. Appreciate, if you could add some examples.
Thank you for the appreciative comments. I will take your feedback onboard for future videos.
Such a nice and easy to understand lesson!
That's the goal. Glad you enjoyed it.
Thank you for the succint explanation ,appreciate it. Could you possibly follow this with real time business example based on latest technology ,,say SAAS application .
How important is construction risk management to an environmental health and safety professional? I cover New England and I never considered including risk management for inspecting construction and environmental project sites. I appreciate your feedback.
I'm not very familiar with the regulatory framework in construction but I would say that OHS is a critical component within it. It's definitely a space that needs risk management, effective controls and regular reviews of the adequacy and effectiveness of those controls. A lot of training and awareness work to also make sure employees know what is expected of them.
Found this GEM TODAY....
Yay!! Welcome to the channel
Your video confirmed my career goal to work in the compliance field. My question is...is there compliance management/ regulation app? It can help to automate the process.
There are lots of Compliance Risk Management automated tools avaible aka GRC software. You would need to investigate which one is best for your needs.
Very interesting.. one question.. in our organisation .. Risk dept already performed the risk assesement.. should compliance do another compliance risk assessment? Thanks in advance
The risk assessment done by Risk looks at all the types of risk faced by a business, e.g. credit risk, operational risk, liquidity risk as well as compliance risk. The compliance risk assessment is focus solely on the compliance risks and should be a more detailed assessment than what would be done by the risk team. I would recommend that compliance always does its own risk assessment.
Your comment is very helpful
Thank you for this informative video. I have a masters degree in criminology and I want to get a job as a compliance associate. Do you have any tips on how to prepare for a job interview? Thanks.
Hi check out my video ruclips.net/video/Rz8rZQiqKJs/видео.html
And this one too...
ruclips.net/video/ixr54yNHPiw/видео.html
All the best with your interviews.
Please kindly do a video on SME (subject matter experts) in compliance
Thanks for the suggestion will.have to think about the best way to put it together. Do you have a particular speciality in mind?
Well I will say general role of a SME and what kind of inputs and speciality a SME can provide on Sanction regimes , PEP/AP & CR and Shell & offshores entities .....I just want to gain some insight on this please 🙏🏾... 🙂 Thank you
Great video
Thank you🙏🏽
This is very informative and helpful! You mentioned the assessment of controls in Likelihood and the later Control Environment sections. Would you please clarify the differences further, thanks so much.
Glad you found it informative and helpful. I'm not sure Imunderstand your question though...can you please rephrase it and then I'll be happy to elaborate.
@@CompliancewithKudzai Sure, let me put it this way -
When talking about likelihood, we look at our business and the controls that have been put in place; After completing the risk assessment (high, medium, or low), we look at the controls "again" and rate those controls. Since we look at the controls twice here, I'm just wondering what is the difference? Also, is there any other way to assess likelihood for compliance risks in addition to the controls in place? Thank you :)
@@林婉婷-i4d Thanks for clarifying. The first time you look at likelihood you are saying "given the controls/preventative measures we have in place, what are the chances that this risk will materialise." The focus is on the materialisation of the risk. The second time you are looking at the controls the focus is on their effectiveness. Now you are saying "how effective are these controls in managing the risk, are they adequate or do we need to do more to better manage the risk." So you are looking at the same controls but with a different lens in each case.
@@CompliancewithKudzai thank you. so clear now!
Very informative video…Thanks KC
Thank you. I'm glad you're found it useful.
Thx
You're welcome
I love how to videos! Thanks. Can you share a link to an example or template of a regulatory universe/register for AML compliance?
Hi I'm glad you like it. Unfortunately I don't have links to templates that I can share.
@@CompliancewithKudzai Ok. Thank you for your reply! This video was very helpful to me.
Hi Kudzai. How can I join the workshop?
Hi Elizabeth, please visit the KC Compliance website for all details on workshop dates and times.
learning.kccompliance.co.za/Home/workshops/
@@CompliancewithKudzai noted thank you
Very interesting,
Glad you think so!
Kudzai, would you do a video on how to construct a risk matrix?
Its something that is on the cards for the future.
Brilliant video. I will definitely be sharing these with my team. Thank you for the resource.
Thank you for the great feedback! Lots more to come.
Thank you for the content, this is very informative.
Thanks for watching the video and for the kind words. Watch this space for more informative videos!
very informative!!
Thank you!
I liked the simple way how you are traying to explain the risk assessment, this friendly way to influence the members of the board of directors who do not have any background on the importance of having compliance with the laws from the regulatory authorities.
It's always best to explain in simple terms especially when speaking to stakeholders. They need to understand clearly so speaking in too technical terms is counter productive.
Thank you for the content Kudzai 🙏🏾.
In measuring the frequency and likelihood of an event occurring, and the impact thereof, is it ideal to consider scenario analysis? Or it's a separate task from risk assessments
Evaluating the possible scenarios is useful in the assessment process but it must be backed by evidence e.g. what enforcement action has the regulator taken for similar incidents in the past when they occurred. What reputational damage occurred, was anyone fired or sent to jail.
@@CompliancewithKudzai Thanks for the feedback Kudzai. Reading your reply reminded me that a "compliance" risk assessment varies from an "operational" risk assessment. I think I mixed the two whilst watching this video.
when is the next workshop? 29/7/23 12:22
Date is still to be confirmed but I always on all social media platforms. Stay tuned for an update.
Nice information. I would like to add some recent considerations in Compliance Risk Assessment that are used by financial institutions. Those considerations include the "Prediction of Risks". By "Prediction of Compliance Risks", i mean here that institutions in addition to past or existing regulatory requirements that are included in risk assessments, financial institutions now also predict "new or expected regulatory compliance requirements" by studying the alternative data, regulatory focus/news, use of emerging technologies, significant new compliance breaches or frauds, etc. Now without Risk Prediction, the compliance risk assessment would be the traditional one and not the dynamic. Thank you
Thanks for sharing this. Very informative!
@@CompliancewithKudzai you are most welcome
Can we connect!
On LinkedIn?
Hay quá
wla jd kay ang konon saako
dave lame lwgar unsa man nganlan tika
Thank you so much this has been so easy to understand. Kindly share your email address
Thank you! You can email learning@kccompliance.co.za