Describe Governance, Risk and Compliance.

Question 1
You are a senior compliance manager in a firm regulated in the Bahamas in the banking sector. You have many years’ experience in operational, risk and compliance roles. The
compliance function you work in is an integral part of the GRC framework in your firm.
As you need to keep your professional knowledge up to date, you regularly spend time
completing continuous professional development (CPD) activities and review national and
international regulatory developments – especially those that could have significant impacts on
your role, the firm you work for, or the sector your firm operates in. In addition, you subscribe to
various industry forums and attend meetings organised by compliance associations.
Recently you have been asked to speak at an upcoming GRC conference which is being held
in your jurisdiction. Although you have been given flexibility over the content of your allocated
session, you have been asked by the conference organisers to focus on ‘Practical GRC’, as
this is the main theme of the event.
Conference attendees are regulatory, compliance, internal audit, and risk professionals from a
variety of sectors and jurisdictions. Previous conferences have been well-attended and
resulted in the development of many useful initiatives and agreements. The upcoming
conference you are to speak at is therefore seen as a ‘must attend’ event by invited delegates.
Considering your audience and after thinking about what you would like to use as the main
focus of your session at the conference, you have chosen the following subject:
‘How firms and compliance professionals can improve their practical approaches to their
responsibilities in response to changes in the regulated environments they operate in.’
a. Identify and briefly describe changes to the regulated environment that are driving
responses from firms and compliance professionals.
(20 marks)
b. Explain and justify how GRC frameworks need to be adapted as a consequence.
(40 marks)
You also plan to illustrate to conference attendees how the roles of compliance professionals
could be impacted by GRC framework changes.
c. Draft a short presentation (no more than five PowerPoint slides) with explanatory notes,
which explains the potential impacts on compliance professionals of changes to the
firm’s GRC framework.
(Please note that your slides should only contain a brief outline of the issues you wish to
present, your explanatory notes will be where the substance of the answer should be
found. For example, use bullet points and short sentences in the slides, pictures and
graphics are NOT required.
The wordcount for c) is 1200-1400 words and the total words used, including text in the
slides, will be counted for the total wordcount).
(40 marks)

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