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January 9, 2013

Compliance

1. Compliance as the term implies, means the conformity to a set of rules, standards and regulations provided by the compliance unit in an entity. A business unit such as fund management is driven by the need to maximize profits through the development of new products and services for consumers. Compliance is paramount for ensuring the minimal or lack of occurrence of fraudulent activities in an entity. Hence acceptance of new products should be in line with the need for an organization to ensure that their development and production should be in line in with the organizational procedures used in the process.

All products and services should ensure that they fulfil the respective standards within the market of operation. The aspect of regulation should provide the best interest of the organization in terms of increasing profitability and ensuring competitiveness of the business in its respective market of operation. Additionally, the regulatory unit or compliance unit is tasked with the provision of services such as consultation and advice on compliance issues in order to ensure the proposals conform to regulations. In fund management, the introduction of new products for use by investors to increase their investment values should be with respect requirements for introduction of new products and services for the benefit of the owners of an entity and for its clients.

Business development is paramount for the modern organizations by enabling the entity achieve its goals of competitiveness through the development of new products and services. Hence, requirements may include the categorization of investments in the provision of new [products and services as either high risk, moderate risks of low risk elements. Such categorizations are aimed at ensuring that the business can mitigate the risks inherent in investment of new products. Additionally, the fund management should be provided with the new avenues or procedures, which would ensure that the business units are able to develop appropriate products fro their clients. This is essential as it enables the organization to actualize its goals and objectives in the new products.

Conformity is essential as the business units are able to develop ethical means of achievement of goals and objectives while ensuring a high level of consumer satisfaction. As part of an advisory team, the compliance team should provide the requirements in terms of policies, standards, and requirements for the development of new products. Such ensures that the compliance unit can ensure conformity in the development of new products and services of the business units. Thereafter, the organization shall maximize the use of the business units as well as the compliance unit. This was possibly a decision made at the last stages of compliance of evaluation. Hence there is a dire need for cooperation between the responsible departments to ensure that they are able to develop solutions towards the best interests of the organization. For instance in the banking sector, products should be sold with respect to the provided standards in the baking industry. They should ensure procedural issue of funds to customers and adherence to procedures in issue of financial products. Lack of compliance with the provided regulations usually attracts penalties which are automatically unwarranted expenses for an organization.<…>

3. An individual within a department or business unit would provide the unit with a focus in terms of compliance to suit that unit. This would allow for the conformity of all operations to the necessary operating standards, rules and regulations and policies within the business unit. With respect to fund management practices, an individual within this field is required to ensure focus in the field and coordination with other parts of the organization. Such enables the organization actualize specialization of labor. Compliance is also able to access information provided in terms of the activities of the organization. This ensures that there are minimal possibilities of legal or financial liabilities accrued from failure to follow the provided procedures in terms of development of non-standard products, and other legal obligations accrued from operational activities of an organization.

This is an appropriate means of ensuring compliance monitoring in the daily business unit practices. Hence, fund management practices in the organization are performed with respect to the provided regulatory measures and compliance with the same. Additionally, given the complex nature of evaluation of all units by a central compliance unit, it is paramount for the organization to engage in the development of better strategies for ensuring conformity to all regulations and ethical business practices in the management of funds in an organization.

Customer Due Diligence (CDD) processes are paramount in the management of funds for the clients. It ensures that the customer is provided with the guaranteed of achievement of his or her goals and objectives in interactions with the organization. Hence, compliance could be termed as means of ensuring that the client interests are protected and that the entity can achieve its goals and objectives. Additionally, an individual would ensure that development and implementation of new processes, polices, regulations, procedures and appropriate surveillance systems occurs.

This is paramount to ensure surveillance of suspicious activities, which have the potency to threaten the integrity of the business unit and subsequently compromise the efforts of the organization towards the achievement of its objectives. Additionally, this approach is appropriate for an organization. However, a central unit for compliance to is required to ensure that the unit has set out goals to be achieved within a financial period. Such ensures that individuals in a business unit are able to report to a higher authority. This provides a sense of responsibility, hence, ensuring that the unit ensures compliance with its regulations and polices in investigatory practices, reporting and advisory practices.

Additionally, specialization of labor is made possible through the delegation of certain tasks to the individual involved in compliance activities, in an organization. Coordination is made possible through the presence of a central compliance unit. The compliance unit coordinates activities in the compliance realm in all business units in an organization. Hence, this ensures that all the individuals involved in compliance activities are able to achieve their respective goals reportable to the central compliance unit. An independent compliance unit ensures that it can work independently without interference from other managerial activities in an organization. This ensures that there is compliance to the respective procedures, and thus ensuring that such activities are aimed at ensuring and engaging all business activities towards profit maximization and minimization of legal liabilities.

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