Just as it sounds, the Risk and Compliance department are two functions which report directly to the Risk and Compliance Director.
Our risk framework defines five key risk categories: Strategic, Operational, Conduct, Regulatory and Financial risks. There are four key processes that together form the basis of EGL Risk Management activities:
These processes are ongoing, and feed in to the departmental Risk Registers to ensure that they continually provide an up to date view of EGL's risk profile.
Compliance (Advisory and Monitoring)
Through the Studio and Ace brands Express Gifts Ltd (EGL) offers revolving credit facilities and insurance related products and services. Both of these products are 'regulated' products and are subject to the rules and regulations of the Financial Conduct Authority (FCA). In turn this means that EGL have to be authorised by the FCA in order to conduct regulated activities. Please see our authorisation and permissions.
The Compliance function is split into two areas, monitoring and advisory. The advisory function informs the business of its various regulatory and legal obligations, whilst the monitoring function ensures that the advice given is adhered to. As well as ongoing routine monitoring the monitoring function will also conduct specific thematic reviews into areas which are deemed higher risk. Risk profiles can be determined internally, however, the FCA publish an Annual Business Plan which also covers risks, as seen by them, which will form part of their discretionary work throughout the year.
One of the duties of the advisory compliance function is to look ahead (horizon scanning) to keep the business informed of forthcoming regulatory changes and/or thinking.