MODULE 1 UNIT 2
Activity submission
Learning outcomes:
LO4: Outline the elements of the compliance function.
LO5: Review the scope of compliance.
Name:
1. Instructions and guidelines (Read carefully)
Instructions
1.
Insert your name and surname in the space provided above, as well as in the file name.
Save the file as: First name Surname M1U2 Activity Submission – e.g. Lilly Smith M1U2
Activity Submission. NB: Please ensure that you use the name that appears in your
student profile on the Online Campus.
2.
Write all your answers in this document. There is an instruction that says, “Start writing
here” under each question. Please type your answer there.
3.
Submit your assignment in Microsoft Word only. No other file types will be accepted.
4.
Do not delete the plagiarism declaration or the assignment instructions and guidelines.
They must remain in your assignment when you submit.
PLEASE NOTE: Plagiarism cases will be investigated in line with the Terms and Conditions
for Students.
IMPORTANT NOTICE: Please ensure that you have checked your course calendar for the due
date for this assignment.
Guidelines
1.
There are 5 pages and 2 questions in this assignment.
2.
Make sure that you have carefully read and fully understood the questions before
answering them. Answer the questions fully but concisely and as directly as possible.
Follow all specific instructions for individual questions (e.g. “list”, “in point form”).
3.
Answer all questions in your own words. Do not copy any text from the notes, readings
or other sources. The assignment must be your own work only.
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Plagiarism declaration:
1. I know that plagiarism is wrong. Plagiarism is to use another’s work and pretend that
it is one’s own.
2. This assignment is my own work.
3. I have not allowed, and will not allow, anyone to copy my work with the intention of
passing it off as his or her own work.
4. I acknowledge that copying someone else’s assignment (or part of it) is wrong and
declare that my assignments are my own work.
2. Mark allocation
Each question receives a mark allocation. However, you will only receive a final percentage
mark and will not be given individual marks for each question. The mark allocation is there to
show you the weighting and length of each question.
Question 1
5
Question 2
5
Coherence and clarity
5
TOTAL
15
3. Questions
Throughout this course, you will refer to a fictional case that illustrates how the theory you
have learnt can be applied in the real world. Read the information provided in each textbox
to answer the questions that follow in that section.
Question 1
Natalie is a compliance management consultant who has been asked to lend her expertise to
First Order Financial (FOF), a financial institution that is struggling with compliance
management. Upon investigation, Natalie concludes that the organisation’s compliance
approach is in disarray. The organisation’s management structure and processes have led to
a lack of resource allocation for the compliance function. In Natalie’s opinion, this has made
the organisation vulnerable to serious risks, and will continue to do so unless a more robust
compliance function is put in place. After hearing Natalie’s presentation on the state of the
compliance function, many board members are understandably concerned. They ask her to
suggest how the issues could be remedied. Natalie turns to the Generally Accepted
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Compliance Practice (GACP) framework for help. One of the board members, David, discreetly
approaches Natalie after the presentation. He admits that he is not as familiar with
compliance and compliance management as some of his fellow board members seem to be
and asks her to give him a quick crash course. Put yourself in Natalie’s shoes and help David
better understand compliance and compliance management.
Briefly describe the roles and responsibilities of the compliance function. In your answer,
highlight why David should value the compliance function. (Max. 300 words)
Start writing here:
Question 2
First Order Financial:
The board is currently reviewing its budget allocation for the upcoming financial year. Each
control function is required to prepare a presentation for the board that justifies its budget
allocation, or explains the requirements of that function. First Order Financial’s new CEO,
Priya, has already intimated that she is planning to reduce the resource allocation for the
compliance function because “compliance is something that all employees should be
responsible for and, as such, the resources allocated to the compliance function could be
reallocated elsewhere to ensure maximisation of profit”.
Based on what you have learnt in this module, what motivation would you provide to the
board to convince its members that both financial and human (staffing) resources need to be
allocated to the compliance function, keeping in mind the scope of compliance for an
organisation like First Order Financial? (Max. 300 words)
Start writing here:
4. Rubric
The following rubric will be used to grade your submission.
Unsatisfactory
Limited
Accomplished
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Exceeds
requirements
Exceptional
Question 1
No submission.
The answer
draws from the
module content
to describe the
roles and
responsibilities
of the
compliance
function and the
value of
compliance for
an organisation.
OR
Question 2
No submission.
The answer
draws from the
module content
to describe the
scope of
compliance and
motivate for
resource
allocation, with
specific
reference to
FOF’s context.
OR
Coherence and
clarity
No submission
The answer does
not describe the
roles and
responsibilities
of the
compliance
function or its
value. (0)
The answer does
not describe the
scope of
compliance. (0)
OR
The answers are
clearly and
logically
structured and
written in a way
that is
comprehensible.
The answers lack
clarity or are
incomprehensibl
e. (0)
The answer
provides a
limited
description of
the roles and
responsibilities
of the
compliance
function and its
value. (2)
The answer
provides a good
description of
the roles and
responsibilities
of the
compliance
function and its
value. (3)
The answer
provides a very
good description
of the roles and
responsibilities
of the
compliance
function and its
value. (4)
The answer
provides an
excellent
description of
the roles and
responsibilities
of the
compliance
function and its
value. (5)
The answer
provides a
limited
description of
the scope of
compliance, but
it does not
motivate for
resource
allocation. (2)
The answer
provides a good
description of
the scope of
compliance and
motivates for
resource
allocation with
specific
reference to the
organisation’s
context.
However, the
answer lacks
some insight. (3)
The answer
provides a very
good description
of the scope of
compliance and
motivates for
resource
allocation with
specific
reference to the
organisation’s
context. (4)
The answer
provides an
excellent
description of
the scope of
compliance, and
insightfully
motivates for
resource
allocation with
specific
reference to the
organisation’s
context. (5)
The answers
show limited
coherence and
clarity. The
writing is
comprehensible
but lacks logical
structure. (2)
The answers are
written
coherently and
clearly. The
writing is
logically
structured, but
there is room for
improvement.
(3)
The answers are
written with
very good
coherence and
clarity. The
writing is
logically
structured. (4)
The answers are
written with
great coherence
and clarity. The
writing is
logically
structured. (5)
Total: 15 marks
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