The compliance officer will determine the level of oversight and testing necessary to ensure the implementation of the Company's Risk Framework, including controls put in place to reduce risk. The Compliance function will include:
Reviews of all clients on-boarded for adherence to policies and procedures, including completion of all documentation, collection of required information, risk rating and sign-offs.
Checks that the Framework reflects legislative requirements
Test to verify reviews are performed with the indicated frequency
Update the Directors on exceptions
Provides updates and new information as available
All compliance exceptions are reported to the Supervisor, who will report it to the Compliance Officer. The Compliance Officer will determine which exceptions should be brought to the attention of the Board.
In addition, Easyterms Ltd. Board of Directors receives updates annually in the Compliance Risk Board Report. The Board of Directors (BOD) is kept apprised of all new legislation, pending legal changes, and any exceptions to the law and/or policies and procedures.