Module Code: H7CFS
Long Title Introduction to risk management and compliance in Financial Services
Title Introduction to risk management and compliance in Financial Services
Module Level: LEVEL 7
EQF Level: 6
EHEA Level: First Cycle
Credits: 10
Module Coordinator: Stephanie Roe
Module Author: DAVE CORMACK
Departments: School of Business
Specifications of the qualifications and experience required of staff  
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Critically evaluate the purpose of compliance and the role of the compliance function in financial services
LO2 Describe the purpose and functions of the Central Bank / FCA and PRA and other relevant regulatory bodies
LO3 Have developed a strong knowledge of the legal and regulatory framework for Credit Unions
LO4 Understand the purpose of risk management and the role of risk management in financial services
LO5 Discuss and assess the ethical context of risk management and compliance in the Credit Union
Dependencies
Module Recommendations

This is prior learning (or a practical skill) that is required before enrolment on this module. While the prior learning is expressed as named NCI module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).
No recommendations listed
Co-requisite Modules
No Co-requisite modules listed
Entry requirements  
 

Module Content & Assessment

Indicative Content
The purpose of Compliance
• What is Compliance • The relationship between compliance and business • Corporate governance • The relationship between governance / compliance / risk management within a financial institution • The role of the compliance officer • Required skillsets of an effective compliance officer • Encouraging a compliance culture • Reporting structure
Understanding the legal framework
• What law / legislation is and how it is created • The legal framework in Ireland and Northern Ireland – Courts system, law of contract, creation of legislation, role of the EU, Bills – Acts – Directives • Overview of key legislation for Credit Unions
The Central Bank
• Background to the Central Bank (including the Central Bank reform act) / FCA and RPA • PRISM • Structure of CBI / FCA & RPA • Functions of CBI / FCA & RPA • Enforcement powers of CBI / FCA & RPA
Other Regulatory Bodies Republic of Ireland
• Financial Services Ombudsman • Data Protection Commissioner • Revenue and Garda Siochanna (AML) • Revenue (Tax) • Equality Authority
Other Regulatory Authorities Northern Ireland
• Financial Ombudsman Service • ICO • HM Revenue & Customs and PSNI (AML) • HM Revenue & Customs (TAX) • Serious Organised Crime Agency
The role of risk management
What is risk management • Risk management standards • Categories of risk for financial institutions • The role of risk management in the business • Functions of the risk management officer • Required skillsets of an effective risk management officer
The ethical context of risk management and compliance
• What is ethics • Sources of ethical thinking • Defining ethical behaviour • Fiduciary relationships • Conflicts of interest • Code of ethics / whistle blowers charter • Code of conduct • Role of the compliance officer in fostering ethical behaviour • Ensuring independence and managing conflicts of interest
International Perspective
o The influence of the experience in other jurisdictions on the development of risk and compliance in the Irish Credit Union movement o Overview of the development of risk management internationally
Information Theory
o Asymmetry of information o The problem of quality uncertainty o The cost of dishonesty
Assessment Breakdown%
End of Module Assessment100.00%

Assessments

Full Time

No Coursework
End of Module Assessment
Assessment Type: Terminal Exam % of total: 100
Assessment Date: End-of-Semester Outcome addressed: 1,2,3,4,5
Non-Marked: No
Assessment Description:
n/a
No Workplace Assessment

NCIRL reserves the right to alter the nature and timings of assessment

 

Module Workload

Module Target Workload Hours 0 Hours
Workload: Part Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecturer-Supervised Learning (Contact) No Description 3 Every Week 3.00
Independent Learning No Description 214 Per 15 week block 14.27
Total Weekly Contact Hours 3.00
 

Module Resources

Recommended Book Resources
  • Central Bank of Ireland,. (2012), Consumer protection code, Dublin.
  • Fitness and Probity Rules. Central Bank of Ireland.
  • Central Bank of Ireland. (2011), Minimum competency code, Dublin.
This module does not have any article/paper resources
Other Resources
  • [Website], Central Bank of Ireland. www.centralbank.ie.
  • [Website], www.irishstatutebook.ie..
  • [Website], www.fatf-gafi.org.
  • [Website], www.isi.gov.ie.
  • [Website], www.dataprotection.ie.
Discussion Note: