ICA Advance Certificate in Governance, Risk & Compliance (IBF Level 1) Course Outline & Specification

Transcription

1 ICA Advance Certificate in Governance, Risk & Compliance (IBF Level 1) Course Outline & Specification SC904

2 ICA Advanced Certificate in Governance, Risk and Compliance (IBF Level 1) Course Outline and Specification First Edition March 2014 Published by: International Compliance Training Academy Pte. Ltd. 6 Shenton Way OUE Downtown 1 #42-04 Singapore All rights are reserved. No part of this publication may be reproduced, stored in a retrieval system, mechanical, photocopying, recording or otherwise, without the prior permission of International Compliance Training Ltd. While all reasonable care has been taken in the preparation of this manual, neither International Compliance Training Academy Pte. nor any of the authors, accept responsibility for any errors it may contain or for any loss sustained by any person placing reliance upon its contents. ICTA FICS AC 002/2014 International Compliance Training Academy Pte Ltd 2014 S904/2874

3 Course Level This programme is mapped to IBF standards level 1 Duration is circa 4 months (part-time evening study). The Advanced Certificate programme The programme is designed to enable you to demonstrate: understanding and knowledge of the regulatory environment, including the role and powers of the Monetary Authority of Singapore (MAS) understanding and knowledge of the role and responsibilities of both the Compliance function and the Compliance Officer, and the skills needed to successfully discharge these understanding and knowledge of the issues to be considered in developing compliance policies and procedures familiarity with money laundering offences, key regulatory anti money laundering requirements and the role of the Money Laundering Reporting Officer (MLRO) familiarity with a variety of different types of financial crime, including the identification of such crimes. Course Syllabus Module 1: Understanding the Regulatory Environment The need for, and objectives of, regulation Sources of regulation Prevention of money laundering and financial crime Understanding money laundering offences Designing an effective reporting system Terrorist financing The USA PATRIOT Act and US extraterritoriality Money laundering and tax evasion Financial crime Preventing fraud Corruption Market manipulation/misleading statements, insider dealing, and market abuse. By the end of this module the learner will: show a broad understanding of the financial services regulatory environment be able to summarise significant features of the approach to combating financial crime, including AML/CFT be able to demonstrate awareness of sector-specific regulatory issues, such as the role of the SGX and the significance of the FATF 1

4 be able to determine the role and approach of the MAS be able to discuss the regulator s objectives and principles of regulation and supervision in the context of international definitions. Module 2: Industry Knowledge and Awareness Financial services organisations: background Codes of corporate governance Introduction: regulatory principles Number of financial institutions and relevant organisations in Singapore Overview of Singapore s financial sector Overview of commercial laws and mechanisms governing legal persons and arrangements Regulators Products and services Recent regulatory and market developments and trends Selected current trends. show an awareness of products and services offered by Singapore s Financial Service Sector describe important features of the Singapore Financial Service Sector based upon knowledge of sector-specific products and services determine methods for maintaining an awareness of trends and developments in the regulatory landscape including the impact of political and economic climate in key jurisdictions, and demonstrate how understanding such trends and developments may be applied within a work-based context. Module 3: The Role of the Compliance Officer Compliance structure The role of the Compliance Officer Key compliance activities and processes Risk-based compliance monitoring Investigating compliance breaches Training. establish the importance of the compliance officer for the effective and efficient conduct of business within a regulated environment identify how key management information may be disseminated or disclosed by the compliance function in order that stakeholders will be compliant with the authorities demonstrate effective analysis of information relating to compliance matters, including breaches and exceptions, in order to provide relevant information to key stakeholders describe investigative procedures carried out by the compliance function, which shows an appreciation of the role of the compliance officer and the importance of performing compliance duties with objectivity and integrity 2

5 explain the significance of an annual compliance plan, its importance in the development of policy and the impact this has on effective monitoring articulate the importance of on-going compliance training and how to effect its delivery. Module 4: Compliance in practice Compliance governance Internal and external relationships Links between compliance, culture and ethics Specific internal compliance control issues Risk management appreciate the roles and responsibilities of the board and approved persons in the construction of appropriate corporate governance demonstrate familiarity with sector-specific concerns relating to conduct of business in relation to legislation, rules and guidance articulate the reasons for a risk-based approach to regulation and regulatory compliance examine the basic terminology of risk-management principles and the implementation of a risk-management framework within a business setting describe how effective risk management mitigates common compliance vulnerabilities and the potential consequences of failure to control risks such as money laundering and other financial crimes. Module 5: Key compliance issues Practical considerations Compliance oversight and internal controls Internal controls AML/financial crime be able to articulate how business policies, systems and controls address compliance matters and how they aim to mitigate a variety of compliance risks be able to explain why it is necessary for the compliance function to be independent and how this relates to accountabilities for compliance matters within an organisation show familiarity with a financial services organisation, its structure, business units and business processes in relation to the products and services that it offers be able to compare and contrast a variety of different financial institutions both by products and services and specific requirements for regulatory compliance demonstrate knowledge of how to apply policies, systems and control procedures within operational settings and articulate the consequences of failures. This ICA IBF Accredited Certification is designed to enable a Compliance Professional to demonstrate the following FICS Performance Criteria: 3

6 knowledge and understanding of the financial services industry and be able to explain basic features of its typical products and services, the role and responsibilities of both the Compliance function and the Compliance Officer, and the skills needed to successfully discharge these an awareness of industry trends and developments in the financial services industry, and relate those trends and developments as well as highlight any implications, to the context of the job responsibilities understanding of key purpose, importance and mission of the Compliance function in ensuring effective conduct of business of a financial institution, and examine common compliance matters presented by the business by applying knowledge of relevant financial services laws and regulations and compliance related industry practices application of data analysis methods and techniques to address deficiencies and discrepancies in information relating to compliance matters to assess its potential regulatory impact to information requests from relevant regulators, external parties and internal business stakeholders recognition of common compliance matters and regulated activities of the business from a compliance perspective to support senior compliance officers advisory work the ability to identify key components of effective risk management principles and framework and relate these concepts which attribute to effective compliance risk management recognition of common compliance vulnerabilities and determine how they could expose the business to compliance risks, and understand impact of financial crime and compliance failures on the organisation understanding of, and how to apply, appropriate compliance controls to mitigate compliance risk for the business, and explain the effectiveness and limitations of these controls detailed understanding of the purpose of an annual compliance plan which incorporates monitoring of relevant areas from a risk based approach, and be able to articulate the components, rationale, benefits and limitations of a quality compliance monitoring programme the execution of a compliance monitoring programme under the direction and supervision of a senior compliance officer or team leader the application of appropriate investigative/audit tools and techniques to accurately detect exceptions / breaches for escalation to the appropriate persons the application of appropriate investigative/audit tools and techniques to gather sufficient appropriate evidence or highlight deficiencies in data and document work, performed according to established documentation standards application and explanation of the basic requirements to organise, design and deliver a compliance training programme for the organisation and the key success factors of an effective compliance training programme the ability to plan and prepare training materials to support the delivery of training by senior compliance officers and co-facilitate training under their direction and supervision. Course Assessment Candidates are required to complete one assignment and sit one, two hour thirty minute, examination The assignment represents 50% towards the final mark The assignment length is between words The examination is closed book and candidates are required to answer thirty shortanswer questions via the ICTA Moodle Learning Platform The examination represents 50% towards the final mark. 4