The challenge for the smaller firms is often that they cannot compete with the salaries required to pay talent market compliance professionals who come from larger organizations. Vice-a-versa, often market compliance professionals find it difficult to transition into smaller companies. Therefore, there is a shortage of good Compliance (SM16s) and Money Laundering Reporting (SM17s) Officers in the market. Regardless, “Strong” is expected so firms must demonstrate complete and comprehensive regulatory models that serve their business risk profile.
Regulators have identified the lack of compliance talent that exists in the smaller firms. GRC, as market compliance professionals, are from a range of big and small firms who bridge this gap and help firms either develop the programme in-line with their growth aspirations or in-line with the Regulator’s expectations. We view ourselves as an extension of the team.
The future of technology is digital and AI (artificial Intelligence) which will soon become the norm – Compliance systems need to be state of the art to catch up and handle regulatory requirements and the advancements in AI, seamlessly.
For larger companies that have a more established model e.g., CCO, Compliance Group, Financial Crime department, Control Room, monitoring (automated, manual) / testing (desk/themed reviews), Risk reporting and corrective actions, we can serve as interim compliance officers operating at multiple levels i.e.:
Regulatory Guidance for Capital Markets and Investment Banking Services include the full spectrum of securities product offerings including:
GRC provides access to best-in-class talent that has extensive knowledge acquired through practical “on-the-job” experience – GRC personnel are seasoned practitioners.
It is overwhelming for management to understand the balance required of the most appropriate compliance risk model. Once a compliance programme has evolved, appropriate resources need to be dedicated to running and managing the output from the programme and having a good technological solution from the beginning, or early stages, will allow you to continue to grow. GRC’s depth of experience from algo, to small and large firms can help create solutions or use off the shelf packages as appropriate solutions.
GRC can provide the following solutions via its Service Level Model across both the horizontals and verticals –