Inform regulatory bodies of breaches in regulations at your organisation
URN: FSPCOMP16
Business Sectors (Suites): Compliance
Developed by: Skills for Justice
Approved on:
31 Jan 2016
Overview
This standard is about identifying activity that is potentially non-compliant with regulations. You must encourage staff to bring suspicions of non-compliant activity to your attention. You must assess the seriousness of the potential breach, giving consideration to any delay in identifying it, and determine the risk posed. You must inform the regulatory bodies of the breach. You must identify and implement remedial action, with realistic deadlines, as appropriate. You must keep accurate records of breaches reported to regulatory bodies and any action taken.
Performance criteria
You must be able to:
1. identify activities that are potentially non-compliant with regulations
2. assess the significance of the potential breach, taking into account the potential financial losses to customers or your organisation
3. determine the frequency and duration of the potential breach
4. identify the implications of the potential breach for your organisation’s systems and controls
5. investigate any delay in identifying the potential breach
6. determine whether the potential breach is an actual breach of the regulations
7. keep accurate records of breaches reported to regulatory bodies, and any remedial action taken or intended
8. inform regulatory bodies about any circumstances relevant to the breach, identification of the rule, requirement or offence and the steps taken to remedy the breach
9. agree deadlines with all stakeholders for remedial action to be completed where required
Knowledge and Understanding
You need to know and understand:
1. how to identify breaches or potential breaches in regulations
2. how to identify the seriousness and impact of a breach and respond proportionately
3. how to determine the frequency of a breach
4. impact on your organisation which may be caused by a delay in identifying a breach
5. disclosable information which needs to be reported
6. when to inform regulatory bodies or external agencies of a breach
7. need to keep accurate records of breaches
8. the importance of timely investigation and resolution of a breach
9. regulatory requirements applicable to your organisation
Scope/range
Scope Performance
Scope Knowledge
Values
Behaviours
Skills
Glossary
Regulatory bodies
This term should be extended (where appropriate) to any authority, body or person having, or who has had, responsibility for the supervision or regulation of any regulated activities or other financial services, whether in the United Kingdom or overseas.
Regulations
This term encompasses (where appropriate) the range of obligations including rules, principles, codes and guidance plus all primary and secondary legislation, as well as supervision to which your organisation is accountable.
Breach
Breach - An incidence of non-compliance, which may or may not, depending upon the regulatory requirements, need reporting to the regulatory authorities
Links To Other NOS
External Links
Version Number
2
Indicative Review Date
31 Dec 2020
Validity
Current
Status
Original
Originating Organisation
Financial Skills Partnership
Original URN
FSPCOMP18
Relevant Occupations
Finance, Finance Managers and Chartered Secretaries , Financial Institution and Office Managers, Financial Institution Managers
SOC Code
2482
Keywords
Compliance; investigation; breach; regulatory bodies;