Page 21 - CISA 21 Years of Impact in Compliance

COMPLIANCE WAS CONSIDERED A

DAUNTING TASK, AND ALTHOUGH
WE CONDUCTED DETAILED

INTERNATIONAL RESEARCH, THE

QUESTION REMAINED: WHAT

SHOULD IT LOOK LIKE IN SOUTH
AFRICA?
Gert van Wyk

Director, EXP Consulting Group (Pty) Ltd

In 1997, I was appointed as the Professional interpret and execute Regulation 47 of the Banks The Council met frequently, and by July 2001, we had specific CRMPs for members. We met frequently,
Development Officer for the Absa Group Risk Act. already held 27 meetings. One of our first deliverables and all members attended diligently, with one task
Control Function. My primary responsibilities was to establish a Members Handbook, which was in mind: to develop quality tools for the industry that
included establishing Absa as an Approved Training During this period, Dr. Falkena mentioned that the precursor to the Generally Accepted Compliance could benefit all.
Organisation at SAICA for the training of Chartered other banks were considering starting a compliance Practices Framework (GACP) that we have today.
Accountants, conducting and facilitating training industry forum. This led to initial engagements The Standards and Norms Committee was tasked In 2003, as the Institute was not a legal entity, we
for all Group Risk and Control Staff Members, and with various banks, and from this the Compliance with developing this handbook, a key product of decided to establish a company. The Council was
conducting research. Institute for South Africa (CISA) was born. A Council the Institute. The project had strict deadlines, with replaced with a Board of Directors, and I assumed
was formed, consisting of representatives from certain parts completed by November 1999 and the role of Independent Chair of the Audit, Risk,
As part of my research duties, I focused on major banks, insurance companies, and the Financial mid-2000. The final product was completed by the Remuneration, Governance, and Nomination
establishing a Compliance Function. Dr. Hans Services Board. I represented Absa on this Council end of 2001, with compliance monitoring being one Committee, a position I held for 14 years. During this
Falkena, Absa’s Group Economist at the time, was and John Symington, representing Standard Bank at of the key aspects requiring consensus. The majority period, we implemented various frameworks and
tasked with developing Regulation 47 of the Bank Act the time, was elected as Chair of the Council. of the Members Handbook was made available policies to ensure that we upheld good governance
in conjunction with the South African Reserve Bank, to members at the 2001 CISA conference, during within the Institute, now a company. Despite working
which required banks to establish a Compliance Various committees were formed, and I was which members received a CD with the Members in a competitive landscape, we maintained a focus on
function. I assisted him in this endeavour and appointed as the Chair of the Standards and Norms Handbook. serving the industry and collaborated effectively to
travelled to various banks in the United States, which Committee. Julie Methven, who later became the deliver a high-quality product. Today, CISA maintains
were at the forefront of Compliance practices. CEO of the Compliance Institute, was appointed as During this time, we established key concepts the same commitment to upholding compliance
the scribe/secretary for the Council. Some of the such as the Regulatory Universe, Risk Profile, and excellence.
Compliance was considered a daunting task, and Council members at that time included Rob Fulton Compliance Risk Management Plan (CRMP). We
although we conducted detailed international from First Rand Group, Greta Bunge from Nedcor, aimed to assist in developing CRMPs for various
research, the question remained: what should it Tim Howse from Nedcor Investment Bank, Phillip industries and established subcommittees for this
look like in South Africa? Standardisation was also a van der Walt from Sanlam, Daryl Glass from Liberty purpose. I chaired the Banking Sub-Committee,
critical issue, as each bank could not independently Life, and Gordon Rennie from the FSB. which held monthly meetings to develop industry-

20 CELEBRATING 21 YEARS OF IMPACT IN COMPLIANCE CELEBRATING 21 YEARS OF IMPACT IN COMPLIANCE 21