Compliance Culture

The organization shall build, sustain and champion a compliance culture throughout every level. Management, top management and the governing body shall each show, actively, visibly, consistently and over time, their commitment to a shared standard of conduct e...

How a culture of compliance is kept up and promoted. It is rated on two dimensions, each against the five-level scale in 5.2. Policy and procedures with conduct and culture: level 1, no procedures;

Members of the compliance function should show the behaviour that supports a compliance culture: integrity and visible commitment to compliance; independence and freedom from conflicts of interest; the confidence to face tests and challenges;

The insurer must have an effective compliance function able to help it meet its legal, regulatory and supervisory obligations and to promote and sustain a compliance culture, including by monitoring the related internal policies.

Risks vary by goods, service and supplier (technical aspects, compliance culture, sourcing locations, supply chain structures, suppliers below tier 1);

The governing body should oversee performance, judging and correcting as needed on the basis of: whether the values and governance policies genuinely steer how the organization works, its culture and how ethically it behaves;