172. Competent authorities should verify that it is envisaged that the compliance function will …

Competent authorities should verify that it is envisaged that the compliance function will manage compliance risk, provide advice to the management body on measures to be taken to ensure compliance with applicable laws, rules, regulations and standards, and implement, under the oversight of the management body, policies and processes to manage compliance risks and to ensure compliance. Competent authorities should verify that the compliance function is adequate to the types and geographical distribution of activities (e.g. compliance with the applicable national laws of various jurisdictions in the case of activities carried out on cross-border basis), risks and complexity in line with the business model and the business plan assessment conducted in accordance with section 7 of these Guidelines.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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