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Compliance Risk Management

Learn how to effectively structure and lead the compliance function
  • Course Overview

    For several years, we have seen countless news items concerning securities fraud, ethical lapses, money laundering, conflicts of interest, and insider trading. More often than not, these cases result in loss of business, reputation, revenue, and importantly, trust.

    As regulatory authorities globally turn their attention to higher expectations in the control environment, the compliance function is quickly becoming an important driver in risk management strategies. From MiFID to Dodd Frank, financial services firms globally are strengthening their compliance functions with stronger training, supervisory, advisory, reporting and surveillance, and control room resources to meet the intense regulatory scrutiny now expected.

    Attend this practical 3-day course to obtain a deep understanding of and appreciation for the necessity of a strong and well-equipped compliance function within any financial services institution. Through lectures, group exercises, interactive participation, simulation, and case studies, you will review the need for financial services regulation and  the markets, participants, institutions, and instruments over which regulation proceeds. You will also examine the role of the compliance function as a risk mitigator, the various methods and approaches to compliance with regulatory requirements, establishment of a well-functioning compliance department, and the skills required to succeed as a compliance officer.

    Through intense analysis of specific cases concerning insider trading, compliance and ethical lapses, money laundering, rule violations both inadvertent and purposeful, you will gain key insights to help reduce the risk of regulatory and compliance problems and to foster a culture of compliance within their own firms.

    Attend this topical 3-day course and learn:

    • How to successfully structure and manage an effective compliance function
    • The immediate impact of an ineffective compliance program
    • The comprehensive loss of revenue, trust, and reputation resulting from a weak compliance environment
    • How regulatory changes can quickly impact your organization and bottom line
    • How to prepare for intense regulatory scrutiny and examinations
    • From multiple case studies that globally illustrate cultures of compliance and strong compliance departments

    Who should attend this course?

    This course has been specifically designed for the benefit of:

    • New Compliance Officers
    • Risk Managers
    • Control Function Managers
    • Legal Department Managers
    • Management Consultants
    • Equities Sales and Trading Desk Operations Managers
    • Fixed Income Sales and Trading Desk Operations Managers
    • Investment Banking Administrative Officers
    • Treasurers
    • Financial decision makers in corporations
    • Strategists
    This course is credited by GARP - Global Association of Risk Professionals (GARP)

  • Day 1

    Setting the Stage: The Need for Compliance

    News Reviews: Compliance and Regulatory Cases
    • Ethical lapses in the financial services industry (Ignorance, Accidents, or Purposeful?)
    • Insider trading schemes
    • Money laundering webs
    • Supervisory lapses
    • Reputational risk cases
    • Failures in fiduciary responsibilities
    • Cross border bookings
    • Problem of cost cutting and compliance
    • Regulatory scrutiny over outsourcing and smart sourcing

    Regulatory, Business and Market Expectations: the Bar is High


    • Intense regulatory scrutiny
    • More comprehensive examinations
    • Defined, verifiable and effective training programmes
    • New legislation (MiFid, Dodd Frank)
    • Attention to metrics
    • Structural corporate entity changes
    • Placing the customer first
    • Policies, procedures, supervision, and governance

    Market and Business
    • Loss of business
    • Loss of reputation
    • Loss of market share
    • Loss of trust
    • Loss in profit

    Approaches to Financial Services Regulation
    • Define regulation
    • Define compliance
    • Historical, social, economic, political foundations for regulating financial services
    Case Study: Tear Down and Build up Exercise
    Delegates will dissect two case studies of Allied Irish Bank and Credit Suisse’s Delta One Desk to determine the essential elements of an effective compliance department

    Creating the Rubric: Structure and Functions of an Effective Compliance Department
    Delegates will reference this Compliance Rubric throughout the course. Daily, delegates will have the opportunity to apply the Rubric to each course topic, emphasizing the integrative nature of compliance into the business line.

    Introduction to the Rubric: Structure and Functions of an Effective Compliance Department
    • Advisors and advisory services: providing regulatory advice
    • Surveillance, reporting, and defined metrics
    • Conflicts clearing: personal account dealing, political contributions, registrations and designations, outside business affiliations, gifts and entertainment
    • Examinations and desk reviews
    • Branch audits
    • Supervision: setting the tone at the top
    • Policy and procedures: development, distribution, enforcement
    • Regulatory relations
    • Training
    • Position monitoring
    • Control room: Chinese wall, chaperoning, watch list, restricted list
    • Communications with the public and electronic communications review
    • Affiliate transactions
    • Anti-money laundering and embargoes
    • Regulatory inquiries, complaints
    • Relationship of compliance to regulators, audit, corporate governance, legal, risk management and controlling
    • Testing, control and follow up

    Day 2

    Continuation of the Rubric: Structure and Functions of an Effective Compliance Department

    Matching the Rubric to Firm Culture
    • Firm mission statement
    • Risk area mission statement
    • Compliance mission statement
    • Code of conduct
    • Policies and procedures

    The Makings of an Effective Compliance Department
    • Centralized vs decentralized structure
    • Risks inherent in each type of structure
    • What content knowledge should a compliance officer have?
    • What are the competencies of a successful compliance officer?
    • Integration of the various areas of compliance?
    • Collaboration with other control areas of the firm
    • Objective nature of the compliance department
    • Compliance department: 
      • Reducing regulatory risk or business stoppage department?
    • A penny saved is a penny earned? The impact of regulatory fines

    Understanding the Business to Understand How to Comply
    • Markets, instruments, participants, and institutions
    • Primary vs secondary markets
    • Sales vs trading vs corporate finance vs asset management vs banking vs operations vs private wealth vs research vs prime brokerage
    • Market behaviour
    • Technical vs fundamental analysis

    Risk Management and Compliance: a Partnership throughout the Firm
    For each risk, the Course Director will:
    • Define each risk
    • Expand by example or case study
    • Illustrate Impact of each risk to a financial services firm
    • Provide insight into mitigating risk methodology strategies
    • Show the connection between risks throughout the firm and the application to compliance
    Sample Risks Faced by Financial Services Firms: Business, environmental, compliance, regulatory, reputational, credit, market, investment, interest rate, maturity, counterparty, denominational, political, economic, social and financial risk

    Addressing Risk through Compliance Management
    • Identify risk
    • Determine impact
    • Coordinate stakeholder needs
    • Plan, control and manage
    • Mitigate or eliminate
    • Policies and procedures
    • Training
    • Supervision
    • Metrics
    • Testing
    • Regulatory relations
    • Implementation
    Case Studies: Sample Cases of Insider Trading – Galleon Group
    Case studies distributed to groups of 4-5 participants

    Day 3

    Regulatory Framework - US and UK Financial Regulatory Regimes as Examples

    UK framework: Parliamentary Law vs Common Law/Case Law
    • European Union Directives
    • EU Financial Services Action Plan
    • Lamfalussy process
    • FSA and relationship to treasury
    • Extraterritorial issues

    US framework: Congress and laws
    • Regulatory bodies: Fed, SEC, FINRA, CFTC, State Commissions
    • 33 ACT, 34 ACT and 40 ACT
    • Self Regulatory Framework: FINRA

    Supplemental regulatory framework
    • Corporate governance and oversight
    • Internal supervision
    • Internal risk functions (e.g. compliance, audit, ethics, controlling and legal)

    Capital Adequacy and Risk Limits
    • Trigger points for risk and overloading on risk
    • Basel III
    • Value-At-Risk models
    • Monte Carlo Simulation models

    Current Events/is it Working?
    • Review of Dodd Frank Act (USA); EU Directives; MiFID/Market Conduct
    • Global Round Robin on regulatory news
    • Brazil: Banco Central Do Brasil, Comissao de Valores Mobiliarios, Superintendencia de Seguros Privados
    • China: Chinese Securities Regulatory Commission, Chinese Banking Regulatory Commission
    • Russia: Federal Financial Markets Service
    • India: Reserve Bank of India, Securities and Exchange Board of India
    Course summary and close
  • Our Tailored Learning Offering

    Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.

    If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

    We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.

  • We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

    We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

    • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
    • Track record – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
    • Knowledge – our 100+ strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
    • Reliability – if we promise it, we deliver it. We have delivered over 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
This course can be run as an In-house or Tailored Learning programme


  • Mario Difiore

    After a 25 year career on Wall Street and the Federal Reserve Bank of New York, I entered the world of academia and training - and have never looked back.


    Mario Difiore is Assistant Dean, Senior Advisor and Adjunct Professor, Gabelli School of Business, Fordham University, New York (Former Co-Global Head and Director of Compliance Training, Deutsche Bank AG, Commercial and Investment Bank)   He joined Fordham’s GSB Administration, July 2010 after a 25 year career on Wall Street and the Federal Reserve Bank of New York. Prior to joining Fordham, he was Director and Co-Global Head of Deutsche Bank AG’s Compliance Training Group for the Commercial and Investment Bank (CIB), as well as the Head of Americas Compliance Training. He was responsible for one of the largest financial regulation and Compliance training programs on Wall Street.   In addition to his career at Deutsche Bank AG, the course director was an Assistant Director at Ten Squared LLP, a medium-sized hedge fund, as well as the Continuing Education Manager for Prudential Securities. He began his career with the Federal Reserve Bank of New York where he spent over 12 years in the Research and Statistics, International Affairs, and Public Information areas.   In addition to his current university post teaching at Fordham, he has taught Finance, Economics, and Business courses at New York University, Baruch College of the City University of New York, Pace University, SUNY Empire State College, and the Mountbatten Institute (St. Mary’s College of the University of Surrey, UK). He is a former member of the Securities Industry and Financial Markets Association (Continuing Education Committee) and serves as a consultant to Deutsche Bank AG. The course director received his MBA and BA (summa cum laude) from Fordham University.