Part A
1. What is a compliance management system and what is it used for?
2. Who would be the stakeholders in a compliance management system?
3. Why is it necessary for a financial institution to have a compliance management system?
4. List the different components that a compliance management system covers and give a brief description on each section, i.e. legislation, risk, penalties, etc.
5. What personnel are required to be involved in a compliance management system?
6. What are the training requirements to implement a proposed compliance management system? How would you suggest this training be undertaken?
7. What type of management information systems might be required to have an effective and efficient compliance management system?
What is required in a complaints management system?
8. How can you develop a strategy for creating a compliance management culture in collaboration with other personnel?
What should you do when you identify a breach in compliance requirements?
9. What reporting requirements would you require in the various areas of compliance?
10. Conduct an internet search and identify what relevant Australian and International standards would be applicable to a compliance management system for a financial institution?
Part B
1. Identify the resources including human resources required for developing, implementing, reviewing and maintaining a proposed compliance management system?
2. Document the specifications for the various components of the proposed compliance management system in accordance with organizational procedures and any relevant statutory requirements.
3. Document an action schedule for implementing, reviewing and maintaining the planned compliance management system and how would you then disseminate this action schedule to the relevant stakeholders?
4. Who would you need to seek approval from when establishing the proposed compliance management program?
5. How would you monitor your compliance management program and who would be responsible for ensuring this compliance?
6. What other staff would need to be involved in the establishment of the compliance management program?
7. What staff members would be involved in the monitoring of the compliance management system?
8. How often should you conduct reviews of the compliance management system and what other staff members would be involved and how?
9. What reports would you required to prepare to review the compliance management system in accordance with established procedures and any statutory or other compliance obligations?
10. How is non-compliance with the Compliance Policy dealt with?
Part C
1. Explain how can you develop a strategy for creating a compliance management culture in collaboration with other personnel?
2. Who would you need to seek approval from when establishing the proposed compliance management program?
3. Briefly describe the specifications for the various components of the proposed compliance management system.
4. How often should you conduct reviews of the compliance management system? What other staff members would be involved and what are their roles?