Individual Accountability (APAC)
In recent years, regulators across the globe have demonstrated an increased focus on individual accountability. Historically, firms would face significant penalties for regulatory breaches. However, the heightened focus on individual accountability has signalled an increased appetite for the sanctioning of executives and other senior individuals for those same regulatory transgressions. As a result, financial services regulators have implemented robust individual accountability frameworks, giving rise to new personal obligations and an increased level of risk exposure for executives, directors and other senior managers.Some jurisdictions’ financial services firms are now subject to stringent requirements, including the identification, documenting and reporting of employees in senior roles. Some regulations have also introduced new requirements for the regulatory approval of colleagues in senior or executive roles.
IBF Code: P200413VOF
Duration: 30 mins