Discuss the following in a 100 words:
Plan and Establish Compliance Management Systems
1. What type of management information systems might be required to have an effective and efficient compliance management system?
There are 3 parts of information what we must gathers information, review, response to it
- Policies and procedures
- Training and implementation
- Consumers complaints response
2. How can you develop a strategy for creating a compliance management culture in collaboration with other personnel?
- Communication with the board of management, compliances office, backing with the risk management, policies and procedures, standards and controls.
3. What reporting requirements would you require in the various areas of compliance?
Example board management – Annual reports (complaints about investors, customers)
Compliance officer – Outcomes, what areas what do find, is our system is updated, report about the data
Audit report- compliant about the audit
Complaints report –
Risk Plan report
Training Report – outcomes, how much training, training is successful, training delivered, what training was, how much spend for the training, what are the training plan