Compliance Course Singapore: Spotlight on the 3 Offerings

In a survey conducted among company executives, about 70% are not confident in their present risk management policies and practices. This is where the value proposition of relevant certifications enters the picture. For highly regulated industries (such as banks, insurance companies, money-changing licensees, and other standard payment institutions), it is especially crucial for personnel to have the proper training and understanding of sound practices for their internal control environment and business process controls.

So what is compliance?

The Monetary Authority of Singapore defines “internal controls” or compliance as the policies, procedures, and processes to ensure the secure and sound management of financial institutions. Guidelines posted on their website equip financial institutions with guidance on sound and sensible controls.

Before diving into the discussion on compliance course Singapore, though, it is worth mentioning that all organisations – regardless of regulatory classification – must adhere to a certain level of compliance. This involves authorising the staff to get the lowdown on personal data protection as well as ensuring that your system undergoes a regular vulnerability assessment and penetration testing.

However, there is no one-size-fits-all programme when it comes to acquiring a certification. Every industry may be tied to a different set of requirements by which they conduct their business. In other words, even though each business has a set of rules that they have to adhere to, you cannot just pair a certification with a random organisation.

Looking at the bigger picture: if you are on the side of the organisation, this means you need to understand which courses serve the objectives of your industry. If you are on the side of the personnel, this entails considering which industry you are planning to enter when you are mapping your employment options. Taking it a step further, you should also consider the regulations these industries have to work around.

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The 3 main sections under the compliance course Singapore

If you’re an individual looking to expand your career options by acquiring compliance certification, you must bear in mind that not all industries or their respective regulations will appeal to you. The best advice in this regard is to take your sweet time, while continually doing your research and selecting the compliance certifications in a specific area that interests you most.

Section 1: Ethics

Under this main section of the compliance course Singapore, there are various programmes being offered in Singapore that are also sanctioned by The Institute of Banking & Finance Singapore. They may be packaged in various terms, but the learning outcomes are the same.

1. Business ethics
2. Conflicts of interest
3. Initiate risk in insurance: an overview, averting personal liability, and conflicts of interest
4. Guaranteeing great customer outcomes (specifically for the Singapore landscape)
5. Fair dealing
6. Financial adviser core ethics (specifically for the Singapore landscape)
7. Fraud aversion
8. Information security and cyber risk awareness
9. Code of conduct for Singapore wholesale financial markets
10. Information security and cyber risk awareness

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Section 2: Regulatory Training

Under this main section of the compliance course Singapore, there are 21 courses are offered which take the learners to both an overview and real-world examples of the various topics.

1. Anti-bribery and anti-corruption: looking at the APAC landscape and in global insurance firms, plus managing third parties
2. Anti-money laundering and counter-terrorist financing
3. Business continuity management
4. Compliance induction
5. Data protection in insurance firms
6. Fundamentals of the US Foreign Account Tax Compliance Act (FATCA)
7. Insurance fraud – global perspective
8. Market conduct – global perspective
9. Operational risk management – essentials
10. Personal Data Protection Act (Singapore)
11. Averting financial crime
12. Sanctions overview and for insurance firms
13. Volcker rule basics
14. Anti-money laundering – overview, retail banking, insurance, money service businesses, and sell side or commercial banking
15. Accountability of the senior manager
16. Payment services act (Singapore)
17. Accountability for individuals
18. FX global code of conduct
19. Averting financial crime in insurance
20. Trade finance and trade based money laundering
21. Introduction to corporate social responsibility and ESG investing

Section 3: Product Training

Under this final section of the compliance course Singapore are 3 courses:

1. Credit risk management
2. Banking fundamentals
3. Foreign exchange and money market

Professionals who choose to embark on a compliance course Singapore must select the relevant programmes that are suitable for their line of work and the industry they are in. Getting certified in the area of regulatory compliance sets them up for success in mitigating and averting various compliance incidents in the workplace.