Question:
You are a member of the compliance team at GenEx International (GI), a firm operating in a
sector and jurisdiction of your choice.
Though your role focuses predominantly on monitoring activities within the firm, you also work closely with one of the senior compliance managers on a number of ongoing projects. One of these projects relates to the upcoming restructuring of the compliance team to meet the revised needs of GI, which has undergone a period of upheaval following a recent business acquisition. As a consequence, resources are being reallocated to certain business areas within GI and reduced in others, with a substantial increase in staffing in some areas alongside reductions elsewhere.
This significant level of change within the firm has been identified as a potential source of risk, both in the immediate and the medium term. The compliance team, together with those working in the dedicated risk management team, have been asked to review their own activities to ensure that these take account of risks arising from these recent changes.
A project meeting has been scheduled to discuss requirements and to allocate responsibilities and resources. In advance of this, the senior compliance manager you are working with has asked you to prepare a paper in support of the discussions at the meeting. The paper must:
• define the purpose of the compliance function within the firm.
• explain the compliance function’s risk management responsibilities.
• indicate the types of mitigating activity that could be implemented to assist in the management of the risks arising in the scenario described above.
Prepare this paper, providing relevant examples or evidence to support both your views and
the purpose of the scheduled project meeting
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