Almost everyday, new regulations are being issued or updated in order to have a more secure environment in several sectors. Additionaly, the scope of regulations is expanding and parallel to that compliance costs are increasing for the firms.
Compliance with the laws and regulations is the main responsibility of all employees, it start with the responsibility of the Board of Directors and senior managers, and the responsibility continue to with the other staff who hold different roles and responsibilites in the companies.
In addition to the increasing trend in new regulations, both audits for compliance with regulations and also penalties for non-compliance are also increasing for different sectors. The penalties faced may cause serious financial and reputation losses for the organizations. Therefore, compliance with laws and regulations, fulfilling the regulatory requirements in a timely and correct manner is getting more and more important topic. At that point, role of the “compliance function” is getting more important in all over the world. In order to manage the compliance risk, not just the financial institutions, most of the other companies as well has started to structure their compliance function within their organizations.
In order to support the effectivenes and efficiency of the compliance function, the “Compliance Association” (CA) was established in September 2020, in Turkey by the professionals of the compliance function and continue its activities. Regulatory Compliance, Anti-Money Laundering and Combating The Financing of Terrorism (AML/CFT), Sanctions Compliance, Anti-Bribery and Corruption Compliance (AB&C), Financial Crime Compliance (FCC), Regulatory Technology (Reg Tech), professional standards and ethics are among the fields of activity of Compliance Association.
There are several working groups whom our members may join and work. At the initial stage, topics of the working groups are determined as follow; Corporate Governance, Corporate Communications & Publishing, Membership Activities, Training, Regulatory Compliance, AML Compliance. Depending on the emerging new topics in compliance field, the CA may form new working groups to contribute the effectivenes and efficiency of the compliance function.
Vision: Being a national & international reference center in the field of compliance
Mision: Making an extensive leadership via developing products, services and projects which help to increase the quality and the efficiency of compliance function