Complinet Survey Reveals Lack of Confidence in Corporate Policies and Policy Manuals.One in six financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. professionals believes their institution's compliance policies are out of date; 20% admit to never reading their organization's policy manuals NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of & LONDON -- A significant percentage of financial services professionals currently do not read their institution's policy manuals and are not fully aware of corporate policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental , according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a new survey of over 550 financial services professionals working in London and New York. The survey was conducted in June 2007 by Complinet, a provider of compliance intelligence to industry professionals within the highly-regulated global financial services community. The survey comprised professionals working in London and New York financial institutions, and brought to light that many of these professionals potentially place themselves and their organizations at risk by not applying and implementing new policies for those regulatory changes which hold them accountable. The survey responses revealed that 14% of financial services workers surveyed were not confident that their organization's policies were up to date with the most recent regulatory changes. In addition, nearly 15% of respondents In the context of marketing research, a representative sample drawn from a larger population of people from whom information is collected and used to develop or confirm marketing strategy. admitted they did not read their institution's policies regularly, and 20% admitted to never having read their firm's policy manuals. Paul Johns Paul John is a former Wales international rugby union player. A scrum-half, he played his club rugby for Pontypridd RFC. , chief marketing officer for Complinet said, "This study confirms what the industry has known for quite some time: financial institutions are lagging Lagging Strategy used by a firm to stall payments, normally in response to exchange rate projections. in implementing and enforcing new regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. , and are consequently exposing themselves to the risk of regulatory investigations, fines and other penalties. The fact that so many individuals are not reading their organization's policy manuals reflects how they consider these to be out of date and without value. Our findings highlight the need for organizations to adopt new methodologies and alternatives to the old-fashioned paper-based 'publish and hope' approach." As regulations are modified daily, many financial services institutions are ill-equipped to keep pace with these increasingly frequent changes. Also, without appropriate systems in place, compliance officers do not have an efficient way to keep track of relevant regulatory changes, nor do they have the means to ensure employees remain up to date with changing rules. About Complinet Complinet is the leading provider of solutions that dynamically deliver relevant compliance intelligence to industry professionals within the highly regulated global financial services community. Complinet enables customers to minimize their exposure to risk by providing the information and technologies they need to connect live external events such as regulatory or sanction sanction, in law and ethics, any inducement to individuals or groups to follow or refrain from following a particular course of conduct. All societies impose sanctions on their members in order to encourage approved behavior. changes with internal policy management and screening activities. Complinet was founded in 1997 and employs over 200 people in its offices in New York, London and Dubai. Every day, industry professionals in more than 1,200 firms across 81 countries rely on Complinet to provide information, analysis and solutions that help them keep pace with changing industry regulations. For more information, please visit www.complinet.com |
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