BSI plans financial services compliance standard
26 October 2009 | 2714 views | 0
UK standards body BSI is working with financial industry bodies to develop a working methodology for business and operational compliance in the banking sector.
Covering both retail and wholesale banking, the standard will set out common processes and good practice which can be adopted by compliance teams.
BSI says the standard will enable organisations to demonstrate regulatory compliance and assurance more easily through a consistent, transparent, auditable approach. Unlike professional qualifications, it will not focus on individual competencies, but on business and operational processes.
The group says it will enable better monitoring of systems and processes within a compliance team and promote the recruitment of appropriately staff.
Mike Low, director, standards, BSI, says: "Once published, this standard will provide a robust and consistent framework within which an organization will be able to administer and manage its compliance programme, providing reassurance to senior managers, regulators and customers by reducing the risk of compliance failure."
Angela Knight, CEO, British Bankers' Association, adds: "This is an interesting and challenging initiative which should improve efficiencies between and amongst compliance teams across the financial service industry and the BBA welcomes its development."
A draft of the standard is expected to be made available for public comment by the Spring with publication slated for late 2010.