50 episodes

Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.
Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

Compliance Clarified – a podcast by Thomson Reuters Regulatory Intelligence Thomson Reuters

    • Business
    • 4.9 • 10 Ratings

Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.
Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

    Season 5, Episode 7: Data governance

    Season 5, Episode 7: Data governance

    In the seventh episode of season 5 of the Compliance Clarified podcast, Susannah Hammond is joined by Mike Cowan to look at the compliance challenges posed by data governance.

    In a digital age more than ever, firms need to embrace the fact that data is a vital strategic asset and from there build a business-wide approach to data aggregation, management, storage, security, retrieval, and destruction — in other words, build a business-specific approach to data governance. The successful governance of data will have multiple benefits one of which will be a direct improvement in the compliance function’s capacity to have line of sight to the regulatory risks being run by the business.

    Links to content referenced in the discussion:

    UK FCA portfolio letter warning on reporting

    https://www.fca.org.uk/publication/correspondence/portfolio-letter-data-reporting-services-providers.pdf

    BIS Paper No 124 - The design of a data governance system

    https://www.bis.org/publ/bppdf/bispap124.pdf

    UK Department of Culture Media & Sport - Data: a new direction - government response to consultation

    https://www.gov.uk/government/consultations/data-a-new-direction/outcome/data-a-new-direction-government-response-to-consultation#ch1

    The survey for the TRRI annual fintech, regtech and the role of compliance report – if you would like to take part in that please click the below link

    https://reuters.az1.qualtrics.com/jfe/form/SV_9HckOjpJJTOp3EO


    Further information on Thomson Reuters Regulatory Intelligence can be found at:

    https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2

    • 37 min
    Season 5, Episode 6: All things financial crime

    Season 5, Episode 6: All things financial crime

    In the fifth episode of season 6 of the Compliance Clarified podcast, Susannah Hammond is joined by Rachel Wolcott and Brett Wolf to look at the compliance challenges posed by financial crime in general and sanctions in particular.

    Links to content referenced in the discussion:

    European Banking Authority new guidelines for MLROs which come into effect on December 1 2022

    https://www.eba.europa.eu/sites/default/documents/files/document_library/Publications/Guidelines/2022/EBA-GL-2022-05%20GLs%20on%20AML%20compliance%20officers/1035126/Guidelines%20on%20AMLCFT%20compliance%20officers.pdf

    MEPs present plans to crack down on financial crime with new Anti-Money Laundering Authority

    https://www.europarl.europa.eu/news/en/press-room/20220613IPR32836/meps-present-plans-for-new-anti-money-laundering-authority

    ACAMS Ukraine crisis hub

    https://www.acams.org/en/ukraine-crisis-rapid-response-resources#rapid-response-briefs-6c1b6814

    https://www.moneylaundering.com/news/hunt-for-russian-wealth-exposes-eus-sanctions-shortcomings/

    'Reputation launderers,' disinformation campaigns hinder sanctions and financial crime compliance efforts

    https://www.jdsupra.com/legalnews/reputation-launderers-disinformation-8673225/

    Amendments to the Money Laundering, Terrorist Financing and Transfer of funds (information on the payer) regulations 2018 statutory instrument 2022, response to the consultation

    https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1082704/MLRs_SI_2022_-_Consultation_Response.pdf

    New Office of Financial Sanctions Implementation (OFSI) penalty guidance

    https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1081195/OFSI_Enforcement_guidance_June_2022.pdf

    Putin's People by Catherine Belton

    https://www.theatlantic.com/magazine/archive/2020/09/catherine-belton-putins-people/614212/

    Lazarus Heist: North Korean hacks

    https://www.bbc.co.uk/programmes/w13xtvg9/episodes/downloads

    Superyachts:

    https://news.sky.com/story/pr-stunt-captain-of-38m-superyacht-seized-in-london-says-govt-has-got-the-wrong-guy-12634728

    U.S. Treasury defines ‘new investments’

    https://www.linkedin.com/posts/amlwolf_treasury-defines-new-investment-activity-6942883691002019840-Alqm?utm_source=linkedin_share&utm_medium=ios_app

    The survey for the TRRI annual fintech, regtech and the role of compliance report – if you would like to take part in that please click the below link

    https://reuters.az1.qualtrics.com/jfe/form/SV_9HckOjpJJTOp3EO


    Further information on Thomson Reuters Regulatory Intelligence can be found at:

    https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2

    • 53 min
    Season 5, Episode 5: The challenge of increasingly vulnerable customers

    Season 5, Episode 5: The challenge of increasingly vulnerable customers

    In the fifth episode of season 5 of the Compliance Clarified podcast, Susannah Hammond is joined by Lindsey Rogerson and Rachel Wolcott Engler to look at the compliance challenges posed by increasingly vulnerable customers.
    Compliance officers are used to the concept of vulnerable customers and the need to take additional care to ensure consistently good customer outcomes but with a cost-of-living crisis, digital transformation and a new UK consumer duty the challenges are growing.

    Links to content referenced in the discussion:

    UK Finance vulnerability academy https://www.ukfinance.org.uk/events-training/vulnerability-academy-october-2021

    Article on giving FCA a "have regard to" financial inclusion https://www.jdsupra.com/legalnews/call-for-fca-to-be-required-to-have-6787510/

    Firms & individuals getting it wrong in past:

    Lloyds mortgage customers 2017 https://www.fca.org.uk/news/press-releases/lloyds-banking-group-redress-scheme-mortgage-arrears-customers

    Moneybarn fine https://www.fca.org.uk/news/press-releases/fca-fines-moneybarn-277m-unfair-treatment-customers-arrears

    Steven Martin of Quick Purchase https://www.fca.org.uk/publication/final-notices/final-notice-steve-martin-quick-purchase.pdf

    Wonga redress notice https://www.fca.org.uk/news/press-releases/wonga-pay-redress-unfair-debt-collection-practices#:~:text=Wonga%2C%20the%20UK's%20biggest%20payday,and%20misleading%20debt%20collection%20practices.

    Useful FCA guidance:

    Guidance on fair treatment of vulnerable customers https://www.fca.org.uk/publications/finalised-guidance/guidance-firms-fair-treatment-vulnerable-customers

    Persistent credit card debt https://www.fca.org.uk/news/press-releases/fca-tells-credit-card-firms-review-their-approach-persistent-debt-customers

    Arrears, payment shortfalls and repossession chapter of Handbook https://www.handbook.fca.org.uk/handbook/MCOB/13.pdf

    FCA speeches

    https://www.fca.org.uk/news/speeches/keeping-pace-rising-costs-improving-financial-inclusion-consumers

    https://www.fca.org.uk/news/speeches/supporting-consumers-challenging-times


    Further information on Thomson Reuters Regulatory Intelligence can be found at:

    https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2

    • 42 min
    Season 5, Episode 4: ESG under strain?

    Season 5, Episode 4: ESG under strain?

    In the fourth episode of season 5 of the Compliance Clarified podcast, Susannah Hammond is joined
    by Lindsey Rogerson and Henry Engler to look again at ESG – that is environmental, social and
    corporate governance and the strain the good intentions are coming under from an uneven global
    approach, the war in Ukraine and increasing economic challenges.

    Links to content referenced in the discussion:

    Article on ISSB standards and how they link to EU and US proposals http://go-ri.tr.com/SZiOMZ

    Link to ISSB consultation IFRS - Open for comment

    Link to EU sustainability reporting standards consultation
    Public consultation on the first set of Draft ESRS - EFRAG

    Link to EU Commission Q&A on SFDR
    https://www.esma.europa.eu/sites/default/files/library/c_2022_3051_f1_annex_en_v3_p1_1930070.pdf

    Link to SEC enforcement action against BNY Mellon Investment Adviser on ESG considerations
    https://www.sec.gov/news/press-release/2022-86

    Link to SEC proposed rule on company climate disclosures
    https://www.sec.gov/rules/proposed/2022/33-11061.pdf

    Gary Gensler, chair of SEC, video explainer on climate-related disclosure proposal
    https://www.youtube.com/watch?v=MacoRZSLzTc


    Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2

    • 41 min
    Season 5, Episode 3: Evolving conduct risk standards

    Season 5, Episode 3: Evolving conduct risk standards

    In the third episode of season 5 of the Compliance Clarified podcast, Susannah Hammond is joined by Helen Chan and Mike Cowan to consider the evolving supervisory approach to conduct risk which is a feature of a principles-based approach to financial services regulation and is seeking to ensure that firms put, and are seen to put, the customer first.
    Firms need to be aware that many regulators around the world are trying to stamp out a tick-box and overly legalistic approach to compliance together with the issues that come from complying with only the letter (rather than the spirit) of the rulebook.

    Links to content referenced in the discussion:

    UK Financial Conduct Authority (FCA) new consumer duty to drive ‘fundamental shift’ in mindset
    https://www.fca.org.uk/news/press-releases/fca-introduce-new-consumer-duty-drive-fundamental-shift-industry-mindset

    FCA five conduct risk questions for firms https://www.fca.org.uk/firms/5-conduct-questions-programme

    Impact Analysis: https://www.linkedin.com/posts/helenhchan_sfc-complaints-handling-compliance-deficiencies-activity-6935401566321418240-M-5R?utm_source=linkedin_share&utm_medium=member_desktop_web


    Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2

    • 39 min
    Season 5, Episode 2: Operational resilience through a cyber lens

    Season 5, Episode 2: Operational resilience through a cyber lens

    In the second episode of season 5 of the Compliance Clarified podcast, Susannah Hammond is joined by Rachel Wolcott and Mike Cowan looking again at operational risk with, in particular, a focus on the impact of cyber on operational risk and resilience.

    Links to content referenced in the discussion:

    Operational resilience: next steps on the PRA’s supervisory roadmap − speech by David Bailey, UK Prudential Regulation Authority

    https://www.bankofengland.co.uk/speech/2022/april/david-bailey-speaker-at-uk-finance-event-operational-resilience-beyond-2022

    SS2/21 Outsourcing and third party risk management:

    https://www.bankofengland.co.uk/prudential-regulation/publication/2021/march/outsourcing-and-third-party-risk-management-ss

    SEC Charges Five Russians in $80 Million Hacking and Trading Scheme

    https://www.sec.gov/news/press-release/2021-265

    SEC Announces Three Actions Charging Deficient Cybersecurity Procedures

    https://www.sec.gov/news/press-release/2021-169

    EU NIS 2 Directive
    https://ec.europa.eu/commission/presscorner/detail/en/ip_22_2985

    The European Banking Authority's (EBA) Report on Convergence of Supervisory Practices in 2021

    https://www.eba.europa.eu/sites/default/documents/files/document_library/Publications/Reports/2022/1032485/Report%20on%20convergence%20of%20supervisory%20practices%20in%202021.pdf


    Further information on Thomson Reuters Regulatory Intelligence can be found at:

    https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2

    • 42 min

Customer Reviews

4.9 out of 5
10 Ratings

10 Ratings

Duergar ,

Episode 8 series 2 Culture

Tricky topic raising some thought provoking issues. Well worth a listen, or two in fact.

The Gripes Of Wrath ,

A Promising Start

Will look forward to the remainder of the series, as this introduction was both interesting and informative in regards to compliance and regulatory requirements, and the evolving requirements especially regarding data and cyber security.

Mycroft7! ,

Fabulous insight!

Fabulous insight demystifying the world of fintech and regtech in financial services compliance

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