Compliance in the Banking Industry, a 6 week online short course starting on 28 January 2020

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Compliance in the Banking Industry, a 6 week online short course starting on 28 January 2020


Register at Milpark for Compliance in the Banking Industry, a 6 week online short course starting on 28 January 2020

The Global Financial Crisis that started in 2007 affected economies globally, and resulted in the rapid decline of market sentiment. This, coupled with the exposure of malpractice by persons in the employ of financial institutions, negatively affected the confidence of consumers in financial institutions.

As a result, regulatory requirements have increased and have compelled many organisations to allocate significant resources to compliance and the management of risk.

The purpose of the course is to provide individuals with a basic understanding of compliance practice and the regulatory environment, as well as the various regulations that govern the banking industry.

This course will enable individuals to perform their duties effectively while complying with regulations and in turn prevent organisations from suffering losses and the imposition of fines. It is also suitable for individuals who are required or want to familiarise themselves with the regulations that apply in the banking industry.

The course will benefit you if you are:

  • A new employee to the banking industry
  • You want to become a compliance officer in the banking industry
  • You are employed as an internal or external auditor in a banking environment
  • You are an employee of a banking institution and your role requires that you understand compliance.

We asked Veronica Hardenberg (CAIB (SA) BCOM: Banking), a lecturer in the School of Investment and Banking, to shed more light on this exciting course.

Please give a brief explanation as to the importance of Compliance in the Banking industry.

Various pieces of legislation govern the way in which banks do business. These regulations serve to protect consumers, investors and provides stability to the markets. Banks who are compliant demonstrate that they are responsible and ethical in the way that they do business. Compliance maintains confidence in the financial sector and reduces the possibility of a financial crisis.

How important is it for employees to be up to date as to what new regulations there are with regards to compliance?

It is important that employees are kept up to date with new regulations as it affects the way in which they conduct business. New regulations set the acceptable standards for doing business and there may be negative repercussions for the employee and the employer, should employees fail to comply.

What advice would you give anyone who is working in the banking industry who might feel they can skip this step in terms of compliance?

Many salespeople find compliance very hindering in obtaining new business and ultimately reaching their sales targets. In the past, there have been people in key positions who have ignored compliance and have been dismissed from their jobs.

As we move into the future, what challenges do you feel our industry is facing, especially in the role of the Banking Compliance Officer?

Moving to the future, more and more people are banking exclusively online. Banks will need to educate all their staff in basic programming skills and update the existing online security measures. The role of the Banking Compliance Officer could change to require that the person is well versed in computer programming and systems development. It might be that one day – the Compliance Officer would have the title of “Cyber Security Officer”.

19 Dec 2019