Compliance Officer of Evergreen International, Mr. M. Sohal writes about the challenges in compliance management and his experience of implementing Compliance Track.

Compliance Track unifies compliance work into one powerful, feature rich, fully auditable application.

The compliance monitoring department of an FSA regulated institution is normally labelled as a "tick in the box" function. The true function of the compliance team is to minimize operational failures which can be as a result of fraud and mismanagement and can lead to financial loss for customers. Regulation is created to protect consumers and investors. With minor modifications in the process of data collection, the compliance monitoring can provide efficient data for operational risk management and CRD/Basel II compliance.

The Foreign Corrupt Practices Act (FCPA) has provisions for maintaining accounting transparency under the Securities Exchange Act of 1934 and another concerning bribery of foreign officials.

There is a general increase in FCPA enforcement activity in recent years in relation to bribery. Developing a robust FCPA compliance program is a top priority for compliance officers of companies under FCPA regulation. This article considers the major factors affecting FCPA compliance program development and the role of FCPA compliance software.