Compliance Risk Management

Competency Unit 3: Undertake risk analysis of compliance risks for the insurance, capital markets or banking industry segments, and establish effective controls as a response to mitigate such risk exposures to an acceptable level.
• Learning Outcomes:
1. Perform accurate risk analysis around compliance vulnerabilities specific to the insurance, banking and capital markets industry segments by applying knowledge of risk management principles and framework.
2. Assess the severity of compliance risks specific to the insurance, banking and capital markets industry segments segment arising from identified compliance vulnerabilities surrounding products, its product development cycle, distribution channel and customers to ensure regulatory compliance requirements are met.
3. Evaluate the design adequacy of compliance controls specific to the insurance, banking and capital markets industry segments industry segment, and where control deficiencies are identified, develop appropriate and effective corrective actions to mitigate such compliance risks to an acceptable level.