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