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Why leading financial services firms rely on GAN Integrity

GAN Integrity is how compliance teams at financial services firms get the tools and expertise to stay ahead of risk. With less effort and more reach, you finally get a better way to do your good work.

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See everything – Gain a complete picture of overall regulatory risk and compliance in one place.

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Adapt to anything – Tailor the platform to your organization, regardless of your tech stack, regions, risk appetite, and other complexities -all without heavy lifting or expense.

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Get all the help you need – Receive dedicated support from GAN Integrity’s expert team.

Compliance challenges for the financial services industry

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Compliance teams in the financial services industry can feel like they face an unfair fight. The sector is under intense regulatory scrutiny with new capital requirements, consumer compliance mandates, and enhanced governance expectations.

Teams must manage a wide range of programs, including Anti-Bribery and Anti-Corruption (ABAC), Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF), cybersecurity and operational resilience, data privacy and protection, and consumer protection and fair treatment.

Third-party risk management and operational resilience are also key concerns, particularly with dependencies on critical third parties. Managing the compliance risks associated with the use of AI and other emerging technologies adds another layer of complexity.

Key areas of compliance for financial services

Financial services firms are complex enterprises. There are many areas of compliance, ethics, and risk that need to be managed, spanning everything from Anti-Bribery And Corruption (ABAC), to Environmental, Social and Governance (ESG), to Ethical Conduct and Training. These include:

  • ABAC Compliance: Upholding anti-bribery and anti-corruption (ABAC) laws such as the Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act.
  • Third-Party Risk Management: Ensuring that third parties, suppliers, and partners comply with relevant laws and standards.
  • Data Protection: Safeguarding sensitive information and ensuring compliance with data privacy regulations including GDPR and the California Consumer Privacy Act (CCPA).
  • Financial Reporting: Maintaining accuracy and transparency in financial dealings in compliance with regulations such as the Sarbanes-Oxley Act (SOX).
  • Conflict of Interest Management: Ensuring potential conflicts are disclosed and managed to uphold ethical standards.
  • Regulatory Reporting: Complying with reporting requirements from regulatory bodies such as the SEC and FINRA.
  • Ethical Conduct and Training: Promoting a culture of ethics through comprehensive training programs and codes of conduct.
  • AML Compliance: Ensuring adherence to anti-money laundering regulations like the Bank Secrecy Act (BSA) and the EU’s AML directives.
  • Continuous Improvement: Regularly updating and enhancing compliance measures.

Steps to achieving compliance in the financial services industry

Achieving compliance in any organization involves a series of strategic steps:

Compliance in the Financial Industry

1
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Risk Assessment

Identify potential compliance risks specific to your financial services operations.

2
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Objective Setting

Define clear compliance goals that align with your operational objectives.

3
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Documentation

Maintain thorough records of compliance efforts and decisions.

4
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Training

Educate employees about compliance requirements tailored to the financial services industry.

5
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Monitoring and Auditing

Regularly review compliance status and adjust practices as needed.

6
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Reporting System

Establish clear channels for reporting issues and disclosures.

7
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Issue Response

Quickly address non-compliance issues to prevent disruptions.

8
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Continuous Improvement

Regularly update compliance practices to stay ahead of regulatory changes.

GAN Integrity for Financial Services

GAN Integrity’s ethics compliance and risk management platform streamlines the compliance process by organizing requirements, automating tasks, and providing up-to-date information on regulatory changes, making it easier for you to do your work. Compliance teams can see everything, adapt to anything, and get all the help they need.

Disclosure Management ABAC Program Management Third-Party Risk Management Policy Management Reporting and Documentation

Disclosure Management

Consolidate your disclosures for conflicts of interest, gifts, travel, entertainment, and political and charitable donations or contributions. Capabilities include:

  • Policy management: Develop and enforce comprehensive disclosure policies. Educate and engage your workforce with targeted training and policy attestations.
  • Flexible disclosure process: Simplify the submission of potential conflicts of interest with user-friendly forms, ensuring easy access for employees.
  • Automated approvals and reviews: Enhance compliance with automated approval and review workflows. Quickly escalate notifications to relevant stakeholders to address potential risks.
Learn more
GAN Integrity Disclosure Management

The GAN Integrity Platform means all your compliance and ethics programs can be managed in one place - now that's better.

Recent Resources

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The Definitive Guide to Conflicts of Interest — GAN Integrity blog

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Frequently Asked Questions

What is compliance in financial services?
Compliance in financial services refers to the adherence to laws, regulations, and internal policies designed to protect investors, ensure market fairness, and reduce financial crime. It encompasses a wide range of areas including anti-bribery and corruption, anti-money laundering, data protection, financial reporting, conflict of interest management, and ethical conduct, all aimed at maintaining the integrity and stability of the financial system.
An example of financial compliance is Anti-Bribery and Anti-Corruption (ABAC) compliance, which involves upholding laws such as the Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act. This type of compliance requires financial services firms to implement measures to prevent bribery and corruption, including establishing clear policies, conducting risk assessments, and providing employee training on ethical business practices.
Financial reporting compliance involves maintaining accuracy and transparency in financial dealings to adhere to regulations such as the Sarbanes-Oxley Act (SOX). It is a crucial aspect of compliance for financial services firms, ensuring that financial statements and disclosures are reliable, timely, and in accordance with applicable laws and accounting standards.
A financial compliance system is a comprehensive framework that helps financial services firms manage and adhere to complex regulatory requirements, including anti-bribery and corruption laws, data protection regulations, and anti-money laundering directives. It typically includes tools for risk assessment, documentation, employee training, and continuous monitoring, enabling organizations to streamline their compliance processes, adapt to regulatory changes, and maintain a complete picture of their overall compliance status.
GRC in financial services refers to Governance, Risk, and Compliance, which encompasses the comprehensive framework used by financial institutions to manage regulatory requirements, mitigate risks, and ensure ethical business practices. It involves implementing robust systems and processes to address key areas such as anti-bribery and corruption (ABAC), anti-money laundering (AML), data protection, financial reporting, and third-party risk management, all of which are critical for maintaining regulatory compliance and operational integrity in the highly scrutinized financial services industry.
Financial compliance management refers to the systematic process by which financial institutions adhere to laws, regulations, and standards relevant to their operations, ensuring ethical practices and operational integrity. This includes activities such as risk assessment, implementing anti-money laundering measures, and conducting regular audits to maintain the integrity of financial systems and protect consumer trust.
A financial management system is a comprehensive software solution that helps organizations streamline their financial processes, including budgeting, accounting, reporting, and risk management. It provides financial services firms with tools to maintain compliance with regulatory requirements, manage third-party risks, and ensure ethical conduct across their operations.
To ensure compliance with financial policies, organizations conduct thorough risk assessments and implement regular monitoring and auditing processes to quickly identify and address any non-compliance issues. Additionally, they maintain detailed documentation of compliance efforts and provide ongoing training to staff to reinforce adherence to established policies and regulations.

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