Compliance

South Africa’s regulatory environment necessitates that each business unit continuously re-evaluates how they do business as well as how those with whom they do business, do business, and in particular how they approach risk and the management thereof.

A FSP must satisfy the “Fit and Proper” requirements:

  1. Honesty and Integrity
  2. Operational Capacity
  3. Educational Requirements
  4. Financial soundness

FSP’s have to conduct their business adhering to certain policies and procedures aligned to legislation, a Code of Conduct and understand the regulation to which they are accountable. Corporate Governance, the King III and IV reports are no longer a convergence of reform but rather an enhancement and fortification of such rules and principles in company direction, deeply entrenched in common as well as codified law. These are best practice standards, principles and guidelines that any provider should take cognisance of and should apply to its Compliance Framework as well as standard business practice.

Compliance must be able to function independently and objectively to ensure that there can be no potential conflict of interest between the roles and functions of the FSP and that of the Compliance Officer. Outsourcing the compliance function is therefore in line with the requirements of good Corporate Governance associated with best business practice.

Assent’s business philosophy to compliance reaches far beyond the traditional views of an isolated FAIS and FICA Compliance Monitoring function to a more holistic Risk Mitigation approach. This focus will intrinsically enhance the effectiveness of compliance.

Our offer is based on the Four Pillars of Fit and Proper Requirements.

Honesty and Integrity – sound systems and processes are implemented to mitigate Reputational Risk of the FSP, ensuring an awareness of all business responsibilities, client confidence, Treating Customers Fairly and client retention.

Operational Capacity – business continuity is ensured by implementing efficient processes regarding:

  • Business planning
  • Financial management
  • Succession planning
  • Risk management

Educational Requirements – Implementation and monitoring of supervision plans where appropriate, verification of qualifications and required regulatory examinations, and professional development.

Financial Soundness – Implementing systems and processes to assist with effective cash flow management and appropriate budgeting, which will drive the business to profitability.

Assent’s clients will receive an annual compliance plan at the beginning of each year. The plan is devised using the universal principle, of:

Identify/analyse – assess – develop – implement – monitor – review.

The monitoring function will include discussions, reporting and reviews of various aspects of the ongoing Compliance Management function.

Assent has a service centre that is available to clients to which all general queries can be directed as well as profile changes and other compliance requirements, applications and submissions. This includes the submission of the client’s annual financial statements to the FSB.