SEC official clarifies compliance role
New York – An official from the US Securities and Exchange Commission outlined how the regulator perceives the inter-relationship between risk management, compliance and internal audit at financial services firms, speaking at the Compliance USA conference held in New York in early December.
Mary Ann Gadziala, associate director at the Office of Compliance Inspections and Examinations of the Securities and Exchange Commission, based in New York, said: "Compliance and audit serve two very important but different roles in the risk management framework." The compliance function "is the system or process that is meant to reasonably ensure a firm is complying with all applicable laws, rules, regulations, codes of conduct, firm policies and standards of good practice." Meanwhile, "a key
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