Generated on 2014/06/19 at 04:58:33 AM

Risk Item: Compliance Risk

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Description (HTML)	Compliance risk is a significant factor in the overall risk framework of asset management activities. It is not limited to simply compliance with laws and regulations; it encompasses sound fiduciary principles, prudent ethical standards, client documents, internal policies and procedures, and other contractual obligations. Some examples of issues that could raise an institution’s level of compliance risk are Deficient account acceptance and review processes. Deficiencies in the ethical culture and expertise of management and supporting personnel. Weak internal compliance systems and training programs. Failure to use legal counsel effectively.
Source Description	OCC Handbook - Asset Management
Source URL	http://www.occ.gov/publications/publications-by-type/comptrollers-handbook/assetmanagement.pdf
Document	No document attached...
Item Quality Status (Item Quality Status)	Acceptable
Updated by	webea.09
Updated on	2014-04-07 15:44:51
categorised by	Risk Type Control Risk Inherent Risk People Risk