Page 19 - CISA 21 Years of Impact in Compliance

John Symington

Owner and Director, Compliance & Risk Resources
(Pty) Ltd

In the mid-1990’s, after being appointed as Initially, this was not a particularly democratic I WOULD LIKE TO THINK WE of mind from the outset. The compliance function
compliance officer for a large South African bank process but was undertaken strictly in the interests foundation was built on 16 Principles that underpin
that had a significant international presence, I was of the Compliance Institute’s membership and GOT MORE THINGS RIGHT the practice of compliance. While visiting the head
responsible for establishing the organisation’s group its sustainability. I would like to think we got more office of a major bank in Europe, one of the initial
compliance function. This was a relatively lonely place things right than wrong during the early stages of the THAN WRONG DURING governing body members returned with a lever arch
to be in a developing discipline, and it made sense to Compliance Institute’s journey and some of what we THE EARLY STAGES OF THE file that contained the bank’s compliance manual.
work collaboratively with other compliance officers, did was a lot of fun. We were granted permission to use this manual for
initially with people based in developed countries COMPLIANCE INSTITUTE’S the benefit of compliance stakeholders. It represents
and then in South Africa once other institutions had The vision of the founding members and governing JOURNEY AND SOME OF a significant contribution from the team that
established compliance functions. body played a pivotal role. Once the organisation collaborated to create the Members Handbook, which
had an established value proposition, the somewhat WHAT WE DID WAS A LOT OF was made available to guide compliance practices.
A few years after being appointed as compliance informal association of members was transformed FUN. From this, Generally Accepted Compliance Practice
officer, on the back of increasing awareness of into a non-profit company. The board appointment (GACP) was developed, building on the revised
the need for compliance functions in financial and governance process were developed to align Following the establishment of the Compliance Principles and standards, as well as the Handbook,
institutions, a conference organiser arranged an with leading practices. The commitment and energies Institute, a staff member was appointed to look which was converted into practical guidance. GACP
annual compliance conference and established a of those who contributed resulted in South Africa after the process of administering the organisation, now forms the foundation of all member services and
conference steering committee to support it. After having one of the most robust Compliance Institutes charging membership fees and recovering revenue products, including professionalism, conferences,
a few iterations of the conference, I was invited to a on the global stage. from training and events, which in turn supported training, and interest groups.
committee meeting and, following a voting process, the appointment of further staff members.
was asked to act as chairperson. Soon after establishing the Compliance Institute’s The 2024 publication of GACP contains a reassembly
terms of reference, the then Financial Services Board The conservative retention of reserves to be able of the Principles and Standards with some
This led to a Compliance Institute development (now Financial Sector Conduct Authority) and Bank to withstand risks that are faced paid off more significant changes. Firstly, Principle and Standards
trajectory that provided for membership and the Supervision Department (now Prudential Authority) than once. As the revenue base matured, the first 1 (Compliance Outcomes) was added. Facilitating
establishment of a compliance frame of reference to were approached to open lines of communication staff member was appointed as Chief Executive an outcomes context throughout GACP was not a
support the membership as it grew. and play a role in developing a compliance practice Officer and the capacity to deliver value to members straightforward task. Secondly, Principle 1 should be
framework. expanded through the team that was put in place. read in conjunction with the reshaped Principle 14
The crucial role of governing body members was Those that have followed have further built on the (Compliance Quality Assessment and Improvement
recognised from the outset. To provide the support The support role played by the people that base that was developed. Well done to all that have Programme), which sets the platform for a promising
and oversight needed along the Compliance contributed is recognised. It took time to move away played a role in this regard. future for the compliance value proposition.
Institute’s journey, senior people (mainly from banks from being mainly banking and insurance focused
and insurance companies) were co-opted to serve and there is now a much wider stakeholder base. There question of what would keep the Compliance It’s been a great journey, and I look forward to every
on the governing body. Institute on track in realising its potential was front success of the Compliance Institute!

18 CELEBRATING 21 YEARS OF IMPACT IN COMPLIANCE CELEBRATING 21 YEARS OF IMPACT IN COMPLIANCE 19