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RSK4802 ASSIGNMENT 2 2024 - DUE 28 October 2024
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RSK4802 ASSIGNMENT 2 2024 - DUE 28 October 2024 ;100 % TRUSTED workings, Expert Solved, Explanations and Solutions. For assistance call or W.h.a.t.s.a.p.p us on ...(.+.2.5.4.7.7.9.5.4.0.1.3.2)........... Governance Risk and Compliance Management assignment material 2024 Assignment 2 (25 marks) ...

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  • September 25, 2024
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  • rsk4802 assignment 2 2024 due 28 october 2024

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RSK4802
ASSIGNMENT 2 2024
UNIQUE NO.
DUE DATE: 28 OCTOBER 2024

, RSK4802

Assignment 2 2024

Unique Number:

Due Date: 28 October 2024

Governance, Risk and Compliance Management

The Role of Compliance Officers in Financial Services Providers: A Focus on Fit
and Proper Requirements and Risk Management

The Financial Advisory and Intermediary Services (FAIS) Act in South Africa outlines
the vital role that a Compliance Officer plays within a Financial Services Provider (FSP).
The Compliance Officer’s primary responsibility is to ensure that the FSP adheres to all
legal and regulatory requirements set forth by the FAIS Act. One of the key
requirements for a Compliance Officer is that they must be considered "fit and proper."
The "fit and proper" standards, as defined by the FAIS Act, ensure that the officer is
ethically sound, competent, operationally capable, financially stable, and engaged in
continuous professional development (FAIS Act, 2002). These requirements are crucial
not only for regulatory compliance but also for effective risk management within FSPs.
This essay will discuss the five fit and proper requirements under the FAIS Act and
explain their significance in the context of risk management.

The Five Fit and Proper Requirements under the FAIS Act

The FAIS Act outlines five core components that determine whether a compliance
officer is fit and proper to hold their position within an FSP. These components are
critical for ensuring that the compliance officer can effectively manage regulatory
requirements and minimize risk exposure.

1. Honesty and Integrity

Honesty and integrity are the foundation of the compliance officer’s role. According to
the FAIS Act, the compliance officer must demonstrate a track record of honesty and

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