COMPLIANCE

Generally, we can say that Compliance means to follow a rule or order or we can say that it is a willingness to follow a prescribe course of treatment. The state of being in accordance with relevant federal state and regional authorities and their regulatory requirements is only one aspect of compliance.

 

The term compliance can be described as the ability to act according to an order, set of rules or a request. Compliance is when someone is told to go outside and they listen to the order. We can understand compliance by examples as, when financial reports are prepared that adhere to the standards of accounting and auditing as accepted in the trade or industry.

In financial services, the majority of compliance practices and programs involve some level of reporting or disclosures as prescribed by the department, agency or regulators involved. Common regulators on the federal level are the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC). However, there are other agencies with even broader administrative and enforcement powers such as the Department of Homeland Security (DHS), The Bureau of Industry and Security (BIS), and the Office of Foreign Assets Control (OFAC), to name a few. These entities have the authority to review interagency information, designate persons and activities as illegal, and enforcement penalties and monitorships on the individuals and entities involved. A large amount of companies in varying industries have in recent years built financial, trade and export compliance departments that have been charged with making sure that the entity and its functionaries are acting according to the necessary rules and regulations.

 

Overview of Compliance

While discussing about compliance, we can assume that it is its own separate process(es) relating to business activities that gives official recognition to the relevant external rules and controls governing the companies activities and issues.

 

There are three core areas of Compliance in which ICON has an unmatched expertise;

  • Regulatory and Legal Compliance: Often Government agencies set every-changing regulations for the organizations they have the administrative power to protect. The internal regulations that form a company’s infrastructure are sometimes silent on these material regulations, i.e. health and safety measures that are covered by the external regulators. For the purpose of checks and balances, a compliance firm or officer is hired which liaisons with the stake holders and management to confirm that these rules and regulations are being followed up with or not.

 

  • IT Compliance: For data privacy and data protection a well-built compliance is needed, with such strict penalties overshadowing business practices in this digital age. Organizations are subjected to GDPR in term of such a way that enables their employees to access, interact and store data the guidance around which IT Compliance will work. IT Compliance firm will advice the business on the best practice around data i.e. customer account storage in off shore could make company vulnerable to data breaches concerning who have access to the data, server location. ICON has a great IT background with the experience in technology risk and cyber risk as well as possessing an in-depth understanding of relevant IT regulations and standards.

 

  • Financial Services Compliance: ICON financial Service Sector is also targeting issues that fall under the finance crimes compliance and thus possess experienced and skills around Anti-Money Laundering (AML), corruption, anti-bribery, fraud and sanctions. ICON implement the policies and procedures of the regulatory compliance team and convert them into the testing and control of the real world conduct to confine breaches of the policy.

 

ICON as a Solutions Provider

ICON has developed and put into practice compliance programs and methodologies as well as risk management solutions for a wide range of individuals, family offices, public and private companies, ventures funds and business portfolios, as well as financial institutions and law enforcement agencies around the Globe. ICON's team of experts is able to quickly address every matter in a matter of hours, and if there is a valid case or assignment, we reach out immediately to work on and develop an individualized plan of action tailored to your needs for the most efficient and effective representation. Client satisfaction is always our top priority.

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