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RSK4802 Assignment 2 (COMPLETE ANSWERS) 2 2024 - DUE 28 October 2024 ; 100% TRUSTED Complete, trusted solutions and explanations. R46,75   Add to cart
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  3. University Of South Africa
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  5. Governance, Risk and Compliance Management (RSK48

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RSK4802 Assignment 2 (COMPLETE ANSWERS) 2 2024 - DUE 28 October 2024 ; 100% TRUSTED Complete, trusted solutions and explanations.
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RSK4802 Assignment 2 (COMPLETE ANSWERS) 2 2024 - DUE 28 October 2024 ; 100% TRUSTED Complete, trusted solutions and explanations.

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  • October 9, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
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  • rsk4802 assignment 2 complete answers 2 2024

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, The Financial Advisory and Intermediary Act places a lot of
importance on the Compliance Officer position within the
structures of a Financial Services Provider (FSP). According to
the Act, a Compliance Officer must be “fit and proper”. Discuss
the Five fit and proper requirements under the Act and explain
the importance of these requirements in the in the context of risk
management.

The Financial Advisory and Intermediary Services (FAIS) Act
of 2002 regulates the provision of financial advice and
intermediary services in South Africa. One of the key positions
within Financial Services Providers (FSPs) under the FAIS Act
is the Compliance Officer. A Compliance Officer plays a
crucial role in ensuring that the FSP adheres to the legislative
and regulatory requirements outlined by the FAIS Act.
To be recognized as “fit and proper” under the FAIS Act,
Compliance Officers must meet certain criteria. The five fit and
proper requirements are as follows:
1. Honesty and Integrity
• Explanation: Compliance Officers must be individuals of
good character who exhibit honesty, fairness, and
trustworthiness. They must have a reputation for ethical
conduct and have not been involved in any fraud,
dishonesty, or unethical behavior in their personal or
professional life.
• Importance in Risk Management: Maintaining honesty
and integrity is essential because a Compliance Officer is
responsible for identifying and mitigating risks. A person
lacking these qualities might conceal risks, thereby

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