Читать книгу The Compliance Revolution - Jackman David - Страница 14

It is the combination of approaches and tools that delivers effective compliance and regulation, not one set replacing the previous set. There exists a growing compliance and regulatory menu or toolkit, but it is how the elements are selected and used together that is the real skill. The range of tools available and the sophistication with which they are combined and used determines the maturity of the jurisdiction and the professionalism of the compliance sector. How the mix is balanced and selected for any one firm or set of circumstances is decided upon and delivered by regulators and compliance officers making critical judgments, not following checklists or risk models only. How good these professional judgments are really matters. Quality judgment is what firms and societies pay for.

To decide how successful a regulator is in using this toolkit, the Monetary Authority of Singapore (MAS), has the following tests or tenets:

● Is the financial system as a whole stable even in the instance of the failure of one or more financial institutions?

● Is the financial system serving the needs of customers and the economy efficiently?

● Are regulatory standards of a high quality, consistent with international standards and best practice, yet appropriate to the local context?

● Is there shared ownership of the desired outcomes of regulation among stakeholders?

● Does the balance of benefits and costs weigh in favour of regulation?

● Are market incentives alone likely to deliver a desired outcome?

● Are the obligations imposed by regulation on regulated entities clear?

● Does regulation take into proper account market practices and legitimate commercial considerations?

● Does regulation provide regulated entities with legal certainty and predictability where it is needed and, where appropriate, flexibility to apply their own practices to meet regulatory objectives?

● Does the regulation provide a level playing field for potentially competing activities and institutions?

● Does regulation recognise that some institutions may have lower risk profiles and stronger governance and controls? Does it provide differentiated treatment where appropriate and can it adjust in a timely fashion if the risk profile changes?

● Is the regulatory framework able to adapt to fast-changing practices and products as well as to new risks in the financial services industry so that it can continue to be effective in respect of its intended regulatory objective and impose obligations that remain appropriate?1