Compliance Institute reaches out to new industries and public service sector

The Compliance Institute of South Africa, which has its roots in the financial services industry, is embarking on a drive to reach new sectors of the economy, both private and public.

“South Africa has a poor compliance culture, despite the regular endeavours of the legislative and regulatory environment to address this challenge” says Julie Methven, CEO of the Institute. “Failure to comply with relevant rules, laws, standards and codes exposes organisations to a range of risks that can result in financial and reputational damage and loss, and threaten their viability.”

Established in 1995, the Institute is the recognised body for compliance professionals, and currently has approximately 1000 members, primarily from the financial services industry, but with a growing membership of compliance officers from other industries.

“Compliance principles and best practice are generic, and apply to any sector governed by legislation.”

Through its flagship Generally Accepted Compliance Practice (GACP) framework, the Institute sets the standards for professional compliance practice, and is at the forefront of developing a formal qualification and professional designation process for compliance officers.

It is also developing a suite of compliance risk management plans (CRMPs) for various Acts. The first CRMPs, set to be launched in May, address the Public Finance Management Act (PFMA), the Pensions Fund Act (PFA) the Financial Intelligence Centre Act (FICA) and the Financial Advisory and Intermediary Services Act (FAIS). Other Acts such as the Consumer Protection Act (CPA) and the National Credit Act (NCA) will follow in due course, making the Institute’s offering relevant to a wide range of businesses.

“With the GACP and the CRMPs, we are now positioned to accelerate our drive to bring compliance best practice to a broader range of industries including the public service sector and parastatals. The legislation and regulatory requirements that organisations have to contend with are increasingly complex and inter-related and the need for high standards of compliance practice has intensified, and with it the need for sound compliance education and training, ” Methven concludes.