At the official launch of the Certified Capital Market Professional - Compliance certification event held today, Dato' Seri Dr. Awang Adek Hussin, Chairman of the SC, said that it is necessary to uplift the compliance function within the organization. To perform their duties, compliance professionals must have the necessary training, certification, and qualification.
In a speech read on his behalf by Datin Azalina Adham, Managing Director of the SC, the Chairman stated that compliance is ultimately a board responsibility and all directors must take non-compliance seriously. Companies must ensure that their compliance function and officers have direct access to the board and report directly to it. The SC has imposed this requirement on its market intermediaries because compliance necessitates the necessary authority and trust.
Here are some highlights from his speech:
- Competent compliance officers are not a 'nice-to-have' but a must. This will ensure that the company, its employees and vendors adhere to existing laws, regulations and standards.
- Law-abiding businesses are less likely to face fines, legal action or other consequences that could damage their reputation and profitability.
- Organizations must change their perspective on compliance, which has traditionally been viewed as a cost center.
- Compliance is beneficial to a company, and complying with regulations, standards and best practices can help improve operational efficiencies and make a company more competitive in its market segment.
- Compliance is not intended to be a hindrance but rather to promote fair competition and act as a catalyst for innovation and change.
- Compliance also requires businesses to consider the needs and perspectives of various stakeholders.
- It is important for compliance personnel to receive proper training and adopt an open mindset.