BS 8453 Compliance framework for regulated financial services firms. Specification

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BS 8453:2011

Compliance framework for regulated financial services firms. Specification

Status : Confirmed, Current   Published : February 2011

Format
PDF

Format
HARDCOPY



The financial services industry has never been more complex. Markets and products evolve daily against a continually developing regulatory backdrop. Compliance failures in financial institutions, risk management firms, compliance consultancies and others dealing within this area pose serious risks to both firms and their investors.

That’s why BSI has developed BS 8453 Financial Services Compliance to set out a common framework for managing regulatory compliance. The standard specifies established good practice and processes for operating an effective compliance programme to help firms meet their regulatory obligations.

BS 8453 allows financial service firms to:

  • Avoid misconduct and deter criminal liabilities
  • Benchmark against a recognized framework
  • Identify opportunities to improve professionalism
  • Provide recognition of compliance policies and procedures
  • Demonstrate a commitment to compliance culture.

The standard offers practical advice and guidelines to help firms foster a compliance culture from the top down; ensuring management and staff contribute to the implementation of a reliable, robust compliance function. 

How does it work?

Meeting the requirements BS 8453 allows financial service departments to operate with confidence – knowing that they’re using a set of best-practice systems and controls.

The document looks at undertaking risk assessments, implementing the right policies and procedures to monitor compliance, as well as internal and external reporting.

By complying with this framework, you’ll meet regulatory obligations more easily and be able to enforce a proactive approach to training and compliance in general. The standard is applicable across the whole regulated sector (wholesale, retail, investment, etc).

Who should buy it?

  • Compliance officers and managers
  • Heads of regulation and compliance
  • Anti-money-laundering reporting officers
  • Senior management
  • Government officials dealing with compliance

Contents

Foreword
1 Scope
2 Normative references
3 Terms and definitions
4 Guiding principles
4.1 Compliance culture
4.2 Transparency in dealings with regulators
4.3 Independence
4.4 Authority
4.5 Adequacy of resources and approach
4.6 Confidentiality
5 The compliance framework
5.1 Governing body involvement and responsibilities
5.2 Compliance risk assessment and management
5.3 Advice
5.4 Compliance monitoring
5.5 Compliance training
5.6 Regulatory relations
5.7 Policies and procedures
5.8 Compliance reporting
5.9 Compliance function: controls and supervision
Bibliography


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We interviewed Ian Cornwall, Risk and Compliance Consultant, Bovill Ltd.








 




Standard NumberBS 8453:2011
TitleCompliance framework for regulated financial services firms. Specification
StatusConfirmed, Current
Publication Date28 February 2011
Confirm Date01 June 2016
Cross ReferencesBS 10012, BS 18477, BS ISO 10002, BIP 0012, Money Laundering Regulations 2007, Public Interest Disclosure Act 1998, BS ISO 22222:2005
Draft Superseded By10/30210204 DC
DescriptorsFinancial institutions, Banks, Finance, Investment, Enterprises, Management, Conformity, Personnel, Training, Reports, Documents, Government
ICS03.060
03.100.60
CommitteeSVS/6/2
ISBN978 0 580 69207 9
PublisherBSI
FormatA4
DeliveryYes
Pages22
File Size3.243 MB
Price£116.00


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