Caitlin Gossage is an accomplished professional known for her expertise in financial services compliance and operations. She has deep regulatory knowledge and exceptional operational skills. She began her career in the financial sector by joining a “big five” Bank in Toronto. From the outset, Caitlin has demonstrated an unwavering dedication to delivering excellence, earning her numerous well-deserved promotions.
Caitlin recently sat down with us to share five asset management compliance tips.
Stay Updated with Regulatory Changes: In Canada there are multiple SROs, each with their own unique regulations. These regulations are subject to frequent updates and changes. Caitlin advises keeping a close eye on the regulatory landscape to ensure your firm remains compliant with the latest rules and guidelines. Subscribing to relevant industry newsletters, keeping in touch with colleagues in the field, attending conferences and engaging with regulatory authorities can help you stay informed.
Implement Robust Compliance Policies and Procedures: Developing and implementing comprehensive compliance policies and procedures is essential for any firm. Caitlin recommends tailoring these policies to your organisation’s specific needs while aligning them with applicable regulations. These policies should cover areas such as risk management, anti-money laundering (AML) and client confidentiality, among others.
Conduct Regular Compliance Training: A well-informed staff is critical for maintaining compliance within any financial services firm. Caitlin suggests conducting regular training sessions to educate employees about regulatory requirements, potential risks and the latest industry best practices. This empowers your team to identify and address compliance issues proactively.
Conduct Internal Compliance Reviews: Internal compliance reviewss serve as a proactive measure to identify and correct compliance gaps before external regulators do. Caitlin advises setting up a systematic and periodic internal review process to assess your firm’s adherence to relevant policies and procedures. These audits can help identify weaknesses, improve controls and demonstrate your commitment to compliance.
Foster a Culture of Compliance: Caitlin emphasises that compliance should be ingrained into organisational culture. Leadership should model proper process and prioritise compliance as a core value. Encourage open communication channels where employees can report potential compliance concerns without fear of retaliation. Reward and recognize those who actively contribute to a compliant workplace.
The above tips are general guidelines and may need to be adapted based on the regulatory environment in your country and the unique characteristics of your firm. Always seek advice from legal and experts to ensure full compliance with relevant laws and regulations.
