BS 8453:2011 Compliance framework for regulated financial services firms. Specification

BS 8453 coverCompliance failures in financial services firms pose a significant risk to both investors and to the firms themselves.

How do financial services providers ensure they have the adequate systems and controls in place to ensure that regulatory abuses do not occur? And, if they do occur, that their consequences are minimized?

BS 8453 the compliance framework for financial services firms has been developed by industry experts to create a best practice framework to help firms foster a compliance culture from the top down and establish a robust compliance function.

The standard  encompases what is likely to be viewed as acceptable from the governing bodies and defines the basis to underpin an effective compliance function through guiding principles of independence and transparency.

How does BS 8453 benefit financial services providers?

The framework element gives firms confidence that they are using a set of systems and controls based on best practice and provides a benchmark for:

  • Undertaking risk assessments
  • Implementing policies and procedures to providing good practice on the designing, quality and frequency of compliance monitoring procedures
  • Reporting processes internally and externally.

BS 8453 will therefore help firms to:

  • Meet regulatory obligations more easily
  • Lower compliance costs
  • Establish a proactive approach to regulatory relations and training
  • Demonstrate that a recognized consistent and auditable process has been followed. 

Who will benefit from using the BS 8453?

  • Individuals within compliance oversight functions
  • Individuals with audit and assurance responsibilities within the firm (the ‘3rd Line of Defence’)
  • External compliance consultants
  • Senior management.  

What are the benefits of standards? 

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