Regulatory Alerts2012-06-29 | FPR/DIR/GEN/EXP/01/002Exposure Draft, Competency Framework for the Nigerian Banking Industry
An Approved Person (AP) performing a significant influence function, as outlined in the CBN's Approved Standard 6 and 7, is responsible for maintaining an environment of integrity within their company. This involves establishing and maintaining appropriate systems and controls to ensure regulatory compliance, overseeing and monitoring compliance with relevant requirements and standards, and ensuring that any breaches or suspected violations are investigated thoroughly and appropriately addressed. An AP must act diligently and responsibly in their role, taking all reasonable steps to identify potential issues and prevent them from escalating. This includes being aware of the systems and controls in place, regularly reviewing them, and making necessary improvements where required. It is also crucial for an AP to delegate responsibilities effectively, ensuring that those they delegate to possess the necessary competence, knowledge, skill, and time to handle the issue at hand requires a proactive approach, consistently assesses and adapts to changing regulatory environments.