No matter what size your Firm is, or the industry sector in which you operate, there will still be times when as a regulated entity your compliance team will need support. In the financial centres of DIFC and ADGM, there are many firms which outsource their Compliance and AML function to ensure they get the level of expertise required without the financial burden of a full-time resource, which is sometimes just not needed given the size and complexity of the operation.
Even if you have a full-time resource, there are times when Compliance Officers require assistance
Outsourcing can be to external third parties or internally back to the head office. In the latter example, many non-resident Compliance Officers employ outside consultants to review the business being undertaken in DIFC or ADGM to ensure that out of sight isn’t always out of mind. Even if you have a full-time resource there are times when Compliance Officers require assistance, even if this is to obtain an expert view on an issue or provide an independent review of the business and its operations.
When international businesses are asked about one of their greatest Compliance/AML risks, many would say small remote offices, whereas other regional firms may highlight maintaining the independence of the Compliance function. However, all will note speed, frequency, and complexity of changing regulations. It is for these reasons that Firms partner with CCL on an on-going basis to ensure that day-to-day, the Firm remains compliant with regulatory expectations and has the expertise on hand to address any new regulatory initiatives.
What do you need to do now?
Take a look at your current Compliance/AML resource and ask yourself the following questions:
- Have we got a person who is qualified enough to take on the role of the Compliance Officer/MLRO?
- Do you require a full-time resource?
- Is your Compliance function independent enough from the business?
- Does your Compliance function have specific regional knowledge and expertise?
- Does the level of business require extra Compliance support?
- Who can your Compliance Officer/MLRO turn to for expert advice?
- Do you have specific Compliance/AML projects coming up which need additional resource or expertise?
If you identify a need for an external resource either to act as your Firm's Compliance Officer/MLRO or to support your current function, CCL can assist.