Regulatory Risk Assessment

Analyse the impact of latest global regulatory developments and relevant laws on organisation’s risk exposure and the overall financial services industry

Type

Functional

Competency Area

Risk Management, Governance and Regulatory Compliance

Levels

Analyse and implement risk management procedures

Consult relevant stakeholders to identify and clarify changing or emerging legislative and regulatory requirements

Analyse the potential compliance risks and regulated activities in the business operations against emerging regulatory trends Analyse characteristics of existing products, services and processes to identify existing and potential areas of non- compliance

Identify how global, macroeconomic and microeconomic factors impact the organisation

Recognise common compliance vulnerabilities and recommend basic compliance controls to mitigate compliance risks

Minimise operational risks

Manage and minimise operational and compliance risks by implementing regulatory risk controls

Assess level and scope of impact of regulatory changes to organisation

Determine appropriate responses to address gaps in compliance within scope of relevant legislative and regulatory requirements

Undertake risk analyses of compliance risks and establish effective controls as a response to mitigate such risk exposures to an acceptable level

Drive organisation’s risk management framework, policy

Assess how global, macroeconomic and microeconomic factors impact the organisation

Review impact of global developments, relevant laws and regulations on businesses

Review and propose changes and/or adaptations to operational procedures to accurately reflect updates and changes in regulations

Establish risk management policies to ensure risks are assessed, and internal controls are established to mitigate those risks