Compliance program

Compliance program,

Definition of Compliance program:

  1. Principal financial regulators are the Federal Reserve Board, Securities and Exchange Commission (SEC), and the Financial Industry Regulatory Authority (FINRA). These and others have established requirements that must be followed, where applicable and in varying degrees, by banks, broker-dealers, asset managers and other financial institutions. Compliance programs have grown in importance in the financial industry since the shock of the financial crisis, but vehement complaints of bankers have found receptive ears of Republicans in federal government. There have been concerted efforts to roll back regulations designed to keep some participants in the financial sector from overplaying their self-interested urges, but the push and pull of politics in D.C. make it unclear what changes, if any, will ultimately result.

  2. Systematic procedures instituted by an organization to ensure that the provisions of the regulations imposed by a government agency are being met.

  3. A compliance program is a set of internal policies and procedures of a company to comply with laws, rules, and regulations or to uphold business reputation. A compliance team examines the rules set forth by government bodies, creates a compliance program, implements it throughout the company, and enforces adherence to the program.

Meaning of Compliance program & Compliance program Definition